DKK Partners FZE (DKK) has been granted initial approval to offer virtual asset broker dealer services by Dubai’s Virtual Assets Regulatory Authority (VARA).

The Dubai World Trade Centre (DWTC)-based company, which is a subsidiary of DKK Partners - a fintech specialising in emerging markets and foreign exchange (FX) liquidity - said it will continue to work towards a virtual asset service provider (VASP) licence from VARA.

The initial approval allows it to move towards receiving a full licence to offer blockchain technology services to corporate and institutional customers in Dubai and the UAE through stablecoins tether (USDT) and USD Coin (USDC).  

(Reporting by Imogen Lillywhite; editing by Seban Scaria)