A recent update reveals that a broker specializing in CFDs and retail FX has successfully obtained a Category Five license from the Securities and Commodities Authority (SCA) in the UAE. This new license is intended for its subsidiary focused on providing financial consultation and analysis services.
The Category Five license allows the broker to conduct financial consultations in the UAE, which includes roles in introduction and promotion within the market. However, it is important to note that a full Category One license would permit more extensive activities, such as trading in over-the-counter derivatives and spot market currencies.
The brokerage has established its operational base in Dubai, specifically at Business Tower within the Business Village area. The local office is currently managed by a professional specializing in human resources and business operations.
Previously, the broker operated from offshore locations, namely Seychelles and Mauritius. Additionally, a related brand that operates in Australia holds an ASIC license.
This development marks a significant milestone for the broker, indicating a move towards more regulated operations within the UAE financial market. The transition to a licensed entity will likely enhance its credibility and ability to serve clients in the region effectively, thereby expanding its market presence.