Daman Gets VARA Approval for Institutional Crypto Brokerage in Dubai

Daman Virtual Asset Brokerage, the institutional digital assets arm of Daman Securities, has secured a Broker-Dealer licence from the Dubai Virtual Assets Regulatory Authority, authorising it to operate as a Virtual Asset Service Provider in Dubai.

Daman Securities is a subsidiary of Daman Investments, which has operated for more than 27 years across investment, advisory, wealth and asset management, brokerage and lending.

The licence enables the company to offer a platform designed for institutions, high-net-worth individuals and businesses, supporting the conversion between fiat and digital assets alongside spot trading. The system integrates execution, settlement and compliance within a single framework, with local currency settlement and UAE banking rails intended to support large-scale transactions in a regulated environment.

The company said its platform, Daman Crypto, is scheduled to launch in mid-May, offering institutional-grade execution, segregated accounts and insured assets under regulatory supervision.

“The integration of digital assets into the broader financial system is no longer a question of if, but how,” Shehab Gargash said. “Daman Virtual is our response to that moment, built on 27 years of regulated financial services and designed for the standards that serious capital demands.”

“For years, institutional access to virtual assets has been fragmented, opaque, and largely unregulated,” Ahmed Ismail added. “By bringing execution, conversion and settlement into a single regulated platform, we are enabling institutions to participate quickly and at scale.”

The Dubai Virtual Assets Regulatory Authority was established in 2022 to oversee virtual asset activity across Dubai’s commercial zones, as part of efforts to formalise the sector and attract institutional participation.