Daman Secures VARA Licence, Strengthening Institutional Access to Virtual Assets in Dubai
Dubai, United Arab Emirates: Daman Virtual Asset Brokerage L.L.C. has obtained a Broker-Dealer licence from the Virtual Assets Regulatory Authority (VARA), allowing it to function as a Virtual Asset Service Provider (VASP) in Dubai. This development positions Daman Virtual as a pivotal player in the region’s evolving virtual asset landscape.
Daman Virtual, a subsidiary of Daman Securities, is designed to meet the needs of institutions, high-net-worth individuals, and businesses. The platform facilitates secure conversions between fiat and digital assets, alongside spot trading. It integrates execution, settlement, and compliance within a unified framework, featuring AED settlement and UAE banking infrastructure. This setup is tailored to support large-volume transactions in a fully regulated environment.
Growing Demand for Regulated Digital Asset Infrastructure
The issuance of this licence comes at a crucial time as global demand for regulated digital asset infrastructure is on the rise. With the maturation of stablecoins, tokenized value transfers, and digital asset markets, there is an increasing need for reliable and well-governed access points. In the UAE, this creates significant opportunities for locally regulated platforms that can enhance institutional participation with improved confidence and clarity.
The VARA licence not only signifies a milestone for Daman Virtual but also for Dubai’s broader virtual asset ecosystem. Established under Dubai Law No. 4 of 2022, VARA has been instrumental in creating a structured regulatory environment, setting clear standards for governance, transparency, and investor protection.
Implications for Institutional Participation
The availability of regulated infrastructure is essential for enabling institutional involvement in digital assets, aligning with the governance and operational standards expected by global financial markets. Shehab Gargash, Founder and Chairman of Daman Securities, emphasized that the integration of digital assets into the financial system is inevitable. He noted that Dubai has consistently evolved as a financial center, creating conditions conducive to responsible shifts in the market.
Daman Virtual is built on a robust financial services platform, forming part of an established ecosystem that includes Daman Investments and Daman Markets. This foundation provides a recognized framework for engaging in digital asset transactions, bolstered by deep institutional relationships across the UAE.
Enhancing Institutional Access
Ahmed Ismail, Co-Founder of Daman Virtual, stated that institutional access to virtual assets has historically been fragmented and largely unregulated. Daman Virtual aims to change this by offering a regulated platform that combines best execution, conversion, and settlement. This allows institutions to participate quickly and compliantly at scale.
The platform also offers clients dedicated relationship management, fully segregated accounts, and insured assets, with an onboarding process tailored to institutional standards. Daman Virtual is positioning itself as the institutional gateway for virtual assets across the Gulf Cooperation Council (GCC).
With the VARA Broker-Dealer licence secured, Daman Virtual plans to officially launch its flagship platform, Daman Crypto, in mid-May. This platform is designed to provide compliant digital asset trading, integrated settlement, and institutional-grade execution under VARA supervision. It will cater to institutional clients, high-net-worth individuals, family offices, corporations, and Web3 companies seeking a regulated, UAE-based gateway to digital assets.
For further details, visit Daman Virtual.
About Daman Virtual
Daman Virtual Asset Brokerage L.L.C. serves as the institutional virtual assets arm of Daman Securities, a prominent UAE brokerage with over 27 years of financial services experience. Licensed by VARA as a Broker-Dealer, Daman Virtual offers regulated access to virtual assets, supported by UAE banking infrastructure and AED settlement. Its flagship platform, Daman Crypto, aims to deliver compliant digital asset trading with institutional-grade security and transparent execution.
About VARA
Established in March 2022 under Law No. 4 of 2022, VARA is responsible for regulating, supervising, and overseeing virtual assets and related activities across Dubai’s commercial zones, excluding the Dubai International Financial Centre. VARA plays a crucial role in developing Dubai’s legal framework to protect investors and establish international standards for the virtual asset industry while supporting the vision for a borderless economy.
For media inquiries, contact the Alto Agency on behalf of Daman Virtual at damanvirtual@thealtoagency.com.
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Published on 2026-04-28 12:30:00 • By the Editorial Desk
