A full licence follows a second review of documentation, governance and operating readiness, and it can carry conditions imposed by VARA. This may be a publication lag, but clients conducting onboarding due diligence should obtain the final licence and its conditions from the entity. What a VARA Broker-Dealer Licence PermitsVARA’s definition of broker-dealer services includes arranging or accepting orders, matching buyers and sellers, dealing for the firm’s own account, making markets using client assets, and providing placement or distribution services to token issuers. Flowdesk also has no stated retail authorisation in Dubai, unlike exchange operators that may serve a wider customer base. Institutional clients still need to identify which Flowdesk entity is their counterparty, which regulator supervises the transaction and where assets and cash settle.