Amber was VARA's 45th VASP on April 14, LTP makes 46 ten days later — Dubai's institutional prime broker queue is filling fast. Six-month IPA-to-license turnaround means Dubai's regulatory moat doesn't buy much anymore; differentiation now comes down to prior GCC relationships and execution quality. Expect OTC spreads through MENA to compress by Q3 as the prime broker field fights over the same family office and sovereign-adjacent pool.

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