The cryptocurrency exchange Gate has secured a license from Dubai's Virtual Assets Regulatory Authority, allowing it to offer exchange services to institutional and retail investors.

The United Arab Emirates division of cryptocurrency exchange Gate has secured a license from Dubai’s Virtual Assets Regulatory Authority to offer exchange services to institutional and retail investors.

Gate Technology FZE, the United Arab Emirates (UAE) division of cryptocurrency exchange Gate Group, has been granted a virtual asset service provider (VASP) license by Dubai’s Virtual Assets Regulatory Authority (VARA).

The license empowers Gate Technology FZE to provide exchange services to institutional, qualified and retail investors.

Announcing the milestone, Gate said the goal has always been to prioritize regulatory approval first.

“We are incredibly proud to receive a full operational licence from VARA to serve institutional, qualified and retail investors in the UAE. This marks a significant step forward in our journey to expand in the Middle East and beyond,” said Han Lin, founder and CEO of Gate.

“We thank VARA for their efficient and comprehensive guidance throughout this process. Our commitment to operating within legal frameworks is crucial as we strive to create a safe and trusted environment for all users.”

He added that they look forward to growing alongside Dubai’s ecosystem and driving further prosperity in the local digital economy.

The VARA approval builds on the existing presence of Gate Group in the Middle East.

Earlier in the year, the Cayman Islands-headquartered cryptocurrency exchange secured a provisional license from VARA.

The Group’s UAE division will also be expanding its staff complement and crypto offering to ensure users will be able to initiate crypto-to-crypto and fiat-to-crypto and vice versa trades.

With the approval, Gate joins a growing list of digital asset exchanges to receive a green light to offer exchange services, broker-dealer services, and investment services.

Global digital asset company OKX was one of the first to secure three approvals from VARA in 2022. Bitoasis and Crypto.com are among other companies to gain approval.

This move into Dubai aligns with Gate Group’s broader strategy of securing regulatory compliance across various jurisdictions.

The exchange has actively pursued and obtained licenses, registrations or approvals in several regions, demonstrating a commitment to operating within legal frameworks globally.

In Europe it has secured VASP registrations in Lithuania and Italy, and has a presence in Malta and Gibraltar. In the Americas it has operations in the Bahamas and Argentina while in Asia it has expanded its reach ithrough the acquisition of Japan-licensed exchange Coin Master in the previous year and holds licenses or registrations in Hong Kong.

“This approval from VARA is a testament to our dedication to blending global expertise with local characteristics as we navigate the unique landscape of the digital asset industry in the Middle East,” said an unnamed head of Gate Technology FZE.