DKK Partners secures initial approval for crypto license in Dubai

“Our expansion to Dubai last year was a huge success and we’re looking to extend our influence in the market by strengthening our compliance and innovation in the Virtual Asset space.”

DKK Partners FZE, a Dubai World Trade Center-based subsidiary of FinTech company DKK Partners, specializing in Emerging Markets (EM) and Foreign Exchange (FX) liquidity, has secured Initial Approval from the Dubai Virtual Assets Regulatory Authority (VARA) to offer Virtual Asset Broker Dealer Services.

This marks a significant step towards obtaining a full Virtual Asset Service Provider License from VARA, bolstering their capacity to provide sophisticated FX solutions, manage currency risks, and ensure optimal liquidity for corporates and institutions in emerging markets.

“Our expansion to Dubai last year was a huge success”

Khalid Talukder, Co-Founder and CEO of DKK Partners, said: “It is an incredibly exciting time for DKK in the Middle East and securing the VARA Initial approval will enable us to continue making a splash in the region. Our expansion to Dubai last year was a huge success and we’re looking to extend our influence in the market by strengthening our compliance and innovation in the Virtual Asset space. This license is a game-changer for DKK and the digital asset landscape in Dubai empowering businesses to confidently engage in blockchain technology, benefiting from the stability of stablecoins and the regulatory framework.”

Victoria Albergini, Head of Partnerships for DKK Partners FZE in Dubai said: “Since our launch last year, DKK Dubai has gone from strength to strength and is now in a prime position in the rapidly evolving digital asset landscape. The VARA initial approval enhances our ability to serve the unique needs of corporate and institutional customers.”

This initial approval enables DKK Partners FZE to advance in their licensing process, aiming to grant corporate and institutional clients in Dubai and the broader UAE access to stablecoin blockchain technology, with a focus on USDT and USDC.

DKK Partners offers EM FX liquidity in MENA and Africa

It was in early 2023 that DKK Partners launched its Dubai operation to bring more emerging markets (EM) and foreign exchange (FX) liquidity options to the de facto capital of the MENA region.

Key services include virtual IBAN accounts, allowing customers to access new currencies and territories, as well as EM liquidity to prove direct access to real-time pricing and execution across frontier, emerging, and G10 market currencies.

The office, based in the Dubai World Trade Centre, will act as a central hub for DKK Partners in the Middle East and North Africa (MENA) region, granting greater access to the Middle East, Africa and Asia trade corridors.

DKK Partners, founded by ex-UBS, Citi FX specialists Khalid Talukder and Dominic Duru, has experienced substantial growth in 2022, with revenues up by circa 60% – surpassing £100 million in revenue, up from £63 million the previous year.

In 2023, the company also secured a license issued by COSUMAF (the supervisory and control authority for the Central African Economic and Monetary Community financial market), paving the way for DKK Partners to further enhance its financial services operations in Africa.

This development comes on the heels of DKK Partners’ recent establishment of operations in Ghana, complementing its existing presence in Cameroon. This strategic expansion aims to serve as a central hub for the burgeoning African market by offering essential FX and financial services, including virtual IBAN accounts. These services empower customers to access new territories and currencies, while also bolstering emerging market (EM) liquidity.