Antier Launches VARA-Compliant Crypto Exchange for UAE
Blockchain development firm Antier has launched a white-label crypto exchange software compliant with Dubai's Virtual Asset Regulatory Authority (VARA). The solution is designed for financial institutions in the UAE and the broader MENA region looking to enter the regulated digital asset market. The platform aims to streamline market entry for firms navigating the new regulatory landscape.
- Dubai's Virtual Asset Regulatory Authority (VARA), established in March 2022, oversees the licensing and regulation of crypto exchanges, custody services, and other virtual asset activities within the emirate, excluding the DIFC free zone. Fines for non-compliance can range from AED 20,000 to AED 200,000. - The launch of this compliant platform comes as VARA-aligned virtual asset service providers in Dubai have already processed approximately $681 billion in trading turnover. - Antier's white-label solution includes features aimed at financial institutions, such as support for tokenized real-world assets (RWAs), stablecoin-based remittance services, and institutional-grade custody and settlement controls. It also offers Sharia-aligned market configuration options. - The broader Middle East and North Africa (MENA) region has become the fastest-growing cryptocurrency market globally, with users receiving $566 billion in cryptocurrency between July 2021 and June 2022, a 48% increase from the previous year. More recent data shows the MENA region received an estimated $338.7 billion in on-chain value between July 2023 and June 2024. - In the UAE specifically, crypto transaction volume grew by 42% year-on-year between July 2023 and June 2024, with significant increases across all transaction sizes, from small retail to large institutional transfers. - A notable trend in the UAE is the strong preference for stablecoins, which account for 51.3% of the volume of cryptocurrencies received, while Bitcoin represents just 16.5%. - The UAE's focus on creating a regulated environment has attracted major players and fostered a diverse ecosystem beyond centralized exchanges, with growing activity in decentralized finance (DeFi). Between July 2023 and June 2024, the total value received by DeFi services in the UAE grew by 74%.
