Triple-A, a Singapore-headquartered global payment institution, has received in-principle approval from Dubai’s Virtual Assets Regulatory Authority for broker-dealer services, taking the company a step closer to a full license in the emirate.

The approval places Triple-A further inside VARA’s licensing process in a market the company described as highly selective, with fewer than 50 entities holding full licenses. The firm said it expects to complete the remaining steps toward final authorization in the coming months.

Progress toward a full VARA license

The in-principle approval, or IPA, does not amount to a final license. Instead, it gives Triple-A a defined period to satisfy operational readiness requirements and complete other post-approval conditions set by VARA before full licensure can be granted.

If those conditions are met, Triple-A would be able to offer broker-dealer services under Dubai’s virtual asset regulatory framework. The company framed the latest step as a significant advance in its effort to expand regulated operations in another major jurisdiction.

Company cites compliance work behind approval

Chief executive Eric Barbier said the approval builds on Triple-A’s existing payments infrastructure. He also said it follows months of work by the company’s compliance, legal and broader cross-functional teams.

According to the company, the result reflects a long-term commitment to operating within regulated frameworks. It presented compliance as a central part of its business model and as a key factor in meeting VARA’s assessment standards.

Existing licenses and registrations

Triple-A said it already operates under several regulatory frameworks in other markets. These include a MiCA license in the European Union, compliance with the Monetary Authority of Singapore framework in Asia, Money Transmitter Licenses across more than 20 U.S. jurisdictions, and registration as a Money Services Business in both the United States and Canada.

The company said the Dubai approval expands its regulated footprint for enterprise clients worldwide. It also described the decision as a sign of confidence in its operational and compliance capabilities.

Dubai’s selective market

VARA has positioned Dubai as a tightly controlled hub for virtual asset businesses, and Triple-A’s announcement emphasized the limited number of firms that have reached full licensing status there. In that context, the in-principle approval marks progress, but the company still needs to clear the final operational and regulatory steps before it can claim a full broker-dealer license in Dubai.

For now, Triple-A’s status remains conditional, with final licensing dependent on the completion of the remaining requirements over the months ahead.

Source: www.blockhead.co