Capital.com is preparing to launch spot cryptocurrency trading in the United Arab Emirates after its affiliate, Capital Vault, secured a full virtual-asset license from the country’s Capital Markets Authority, the company said Thursday.

The license allows Capital Vault to deal in virtual assets as an agent or matching principal and to provide custody services on behalf of clients. Once the service goes live, UAE customers will be able to buy and hold actual digital assets directly through the Capital.com app, with the affiliate handling execution, custody and settlement.

That marks a departure from Capital.com’s existing model. The platform has historically offered contracts for difference, which give traders price exposure without…