VCG Markets Secures UAE Category One License for OTC Derivatives and Spot FX Trading

The approval comes as more international brokers expand their regulated operations in the UAE. The number of firms authorized for OTC derivatives and spot forex trading in the country has increased from 11 to 28, with Capital.com and Equiti also securing Category One licenses recently. XTB obtained both Category One and Category Two authorizations to expand its local brokerage operations.

UAE Entity Expansion

The license was granted to VCG Securities Financial Consultation LLC, the group's local entity in the UAE. This approval follows the company's efforts to establish its business in the UAE as part of its regional strategy. In October, VCG Markets appointed Mohammed Chouikh as Head of Compliance and Money Laundering Reporting Officer at the UAE entity.

Myers emphasized that the company's priority was to continue developing its UAE business with a focus on long-term growth. The group operates in more than 80 countries but has yet to announce when it plans to launch services under the new UAE authorization.

License Scope Clarification

VCG Markets clarified that the authorization applies only to VCG Securities Financial Consultation LLC and the activities covered by its license. It does not extend to other companies operating under the VCG Markets brand or change their existing regulatory arrangements.

No products or services are currently available under the new license. The company stated it would announce any future offerings separately, along with details of their availability and applicable regulatory framework. The firm has yet to launch products or services under its new UAE license.