Australian broker Blueberry Markets has obtained a Category 5 license in the UAE, making it one of the first international brokerages to be licensed directly by the new Capital Market Authority.
The license appeared on the Capital Markets Authority’s public register this week and allows Blueberry to legally promote and market its brand within the UAE. The company also appointed Giscard Abi Alhassan, who previously held senior positions at Pepperstone and IC Markets, as its local category head.
Class 5 route: Rail marketing, not local nursery
Class 5 is not a brokerage license in the traditional sense. The company is not allowed to hold client funds or execute trades locally, but it does allow professional and institutional clients residing in the UAE to be introduced to a regulated entity abroad. In Blueberry’s case, its ASIC-regulated Australian company or its VFSC-registered offshore unit.
This distinction has made Tier 5 the standard entry point for global brokers targeting a high net worth client base in the Middle East. Blueberry now sits alongside XM, XS.com, Eightcap and STARTRADER, all of which received similar approvals in 2025 and 2026.
Blueberry’s approval is one of the first approvals granted under the new system. The Capital Markets Authority received all rights and obligations from the Securities and Commodities Authority on January 1, 2026, following federal decrees issued in late 2025.
The delivery has been remarkably good Stricter enforcement stance. In 2025, the regulator fined a licensed company AED 5 million (about US$1.36 million) for anti-money laundering violations and deceptive practices.
It has also intensified investor warnings, including a recent alert against unlicensed entity Golden Brokers Limited.
What does it mean for brokers?
Blueberry’s entry confirms that the UAE remains the main battleground for regional expansion, but entry requirements are becoming more stringent.
Recent approvals also show that companies are increasingly appointing local executives with organizational experience to lead their operations in the UAE. Blueberry followed the same pattern by appointing former Pepperstone and IC Markets executive Giscard Abi Al Hussein as category head.
There is also a question about the roof. Most companies settle on the Category 5 path to marketing onlyBut XTB has already started Upgrade to Category 1which allows full local mediation with custody. If this model proves more attractive to customers, the marketing passport approach may face pressure sooner than companies expect.
Right now, timing is what matters most. Companies that obtained SCA licenses before 2026 have until January 1, 2027 to complete their transition to the CMA framework.
Blueberry, which submits its applications directly to the new regulatory body, explains how new applicants can enter the CMA framework without relying on transitional arrangements.
This article was written by Tanya Chipkova at www.financemagnates.com.
Source link
