VCG Markets hassecured a Category One license from the United Arab Emirates' Capital MarketAuthority, authorising its local entity to offer OTC derivatives and spotcurrency trading.London's trading industry is coming home!The approval comes asmore international brokers expand their regulated operations in the UAE. Thenumber of firmsauthorised for OTC derivatives and spot forex trading in the country hasincreased from 11 to 28. Capital.comand Equitihave also secured Category One licenses, while XTBobtained Category One and Category Two authorisations to expand its localbrokerage operations.UAE Entity AppointsNew Compliance and MLRO HeadThe license wasgranted to VCG Securities Financial Consultation LLC. The approval follows thegroup's efforts to establish its business in the UAE as part of its regionalstrategy.In October, VCGMarkets appointed Mohammed Chouikh as Head of Compliance and Money LaunderingReporting Officer at the UAE entity.Commenting on thelicense, Brian Myers, Group CEO of VCG Markets, said: “Securing the CategoryOne license is a natural progression for VCG Markets. We have established rootsin the UAE, and this step reflects the commitment we've made to the region.”He said the company'spriority was to continue developing its UAE business with a focus on long-termgrowth.VCG MarketsClarifies Scope of UAE LicenseThe authorizationapplies only to VCG Securities Financial Consultation LLC and the activitiescovered by its license. It does not extend to other companies operating underthe VCG Markets brand or change their existing regulatory arrangements.No products orservices are currently available under the new license. VCG Markets said itwould announce any future offerings separately, along with details of theiravailability and applicable regulatory framework.The group operates inmore than 80 countries. However, it has yet to announce when it plans to launchservices under the new UAE authorization.This article was written by Tareq Sikder at www.financemagnates.com.