Singapore-based payment institution Triple-A has been granted In-Principle Approval (IPA) for broker-dealer services from Dubai's Virtual Assets Regulatory Authority (VARA). The approval marks a step toward a full licence and follows an ongoing regulatory assessment of the company's operations.
A selective regulatory framework
VARA is described as an independent regulator overseeing the provision, use, and exchange of virtual assets in and from the emirate of Dubai. According to the source material, the VARA-licensed market remains one of the more restrictive virtual asset frameworks globally, with just over 50 entities currently holding full licences.
Receiving an IPA represents a defined regulatory threshold within VARA's licensing structure, positioned ahead of the final stage before a full licence is issued. Triple-A's licensing assessment is still in progress. The company has now entered a specified period during which it must complete operational readiness requirements and address any remaining post-IPA conditions before a full licence can be granted.
Existing compliance footprint
Triple-A holds licences in the EU and Singapore under the Markets in Crypto-Assets Regulation (MiCA) and the Monetary Authority of Singapore (MAS) framework, respectively. In the US, the company holds Money Transmitter Licenses across more than 20 jurisdictions and is registered as a Money Services Business in both the US and Canada.
Per the source material, compliance is the company's second-largest department after engineering, and has been part of its operational structure since its founding. The IPA from VARA is presented as an extension of this existing regulatory footprint into the Dubai market.
Company statement
A company official said the milestone builds on the payments infrastructure the company has already developed for the direction the market is heading, adding that it reflects work carried out by the compliance, legal, and cross-functional teams involved, alongside the company's stated commitment to operating within regulated frameworks.
Context
Dubai's virtual asset regulatory regime has developed as a distinct licensing structure for firms operating in digital assets, separate from broader UAE federal frameworks. For payment and crypto-asset firms already operating under EU, US, and Singapore licensing regimes, an IPA from VARA adds a further jurisdiction to an existing compliance base, ahead of the completion of a full licensing process.
