Flowdesk, an institutional crypto market maker backed by Coinbase Ventures and BlackRock, has received a full broker-dealer license in Dubai, expanding its ability to serve institutional investors in the emirate.
On Tuesday, Flowdesk said Dubais Virtual Assets Regulatory Authority granted the license to its local entity, Flowdesk Omega FZE, allowing it to provide regulated broker-dealer services to qualified and institutional investors in and from Dubai.
The approval follows Flowdesk‘s broader regulatory expansion, with the company receiving authorization in France as a Crypto-Asset Service Provider under the European Union’s Markets in Crypto-Assets framework.
Broker-dealers are playing an increasingly important role in the cryptocurrency market, bridging traditional finance and digital assets while providing liquidity, custody services and regulatory compliance. Earlier this month, crypto market maker Wintermute launched a US broker-dealer, allowing it to trade stocks and options.
Digital asset infrastructure provider BitGo and securities marketplace operator OTC Markets announced in July that they plan to provide digital asset trading and custody infrastructure for more than 150 broker-dealers using OTS Link ATS, an alternative trading system.
Related: SoFi taps BitGo to provide infrastructure for bank-issued stablecoin