Brokerage group VPFX said on Monday that it has received regulatory approval from the United Arab Emirates’ (UAE) Securities and Commodities Authority.
The new license grants the broker Category 5 permissions.
Category 5 is a common license for brokers in the UAE to get. A simple way to think about it is that it’s akin to an appointed representative or introducing broker license.
It gives brokers the ability to market services and introduce clients in the UAE to another, related entity operated by the firm.
This means the broker can market and sell products for an entity based in a region like the Seychelles or Mauritius.
In VPFX’s case, its main entity is regulated in Labuan.
The broker is a relative newcomer to the market, having launched in 2020. Notably, the company is a sponsor of the MI Emirates – a cricket team based in the UAE
