VCG Markets has secured a Category One license from the United Arab Emirates' Capital Market Authority, authorising its local entity to offer OTC derivatives and spot currency trading.

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

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The license was granted to VCG Securities Financial Consultation LLC. The approval follows the group'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.

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Commenting on the license, Brian Myers, Group CEO of VCG Markets, said: “Securing the Category One license is a natural progression for VCG Markets. We have established roots in the UAE, and this step reflects the commitment we've made to the region.”

He said the company's priority was to continue developing its UAE business with a focus on long-term growth.

VCG Markets Clarifies Scope of UAE License

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. VCG Markets said it would announce any future offerings separately, along with details of their availability and applicable regulatory framework.

The group operates in more than 80 countries. However, it has yet to announce when it plans to launch services under the new UAE authorization.