Cryptocurrency exchange FTX has announced that it has received the green light to offer exchange and clearing house services in Dubai, United Arab Emirates.
Cryptocurrency Exchange FTX Achieves Full License Approval from Dubai
FTX Exchange FZE, a subsidiary of FTX Europe, has been approved to enter Dubai’s Minimum Viable Product (MVP) program for virtual assets.
The license comes from the Virtual Asset Regulatory Authority (VARA), the jurisdiction created in March this year to address virtual asset regulation as Dubai strives to become a hub for the digital economy.
VARA, a subsidiary of the Dubai World Trade Centre, regulates all crypto activities, from custodians to asset managers.
HE Halal Saeed Almarri, Managing Director of Dubai World Trade Center Authority, said:
“Exclusive to select, responsible international players like FTX, the MVP phase will allow VARA to prudently configure guidelines and risk mitigation tools for safe business operations.”
According to the announcement bitcoin exchange FTX became the first virtual asset service provider to be licensed. This license enables FTX to operate the exchange and clearinghouse services and provide crypto derivatives products and trading services to qualified institutional investors in the region.
In addition, this license includes the license to operate the non-fungible token market and custody services.
FTX received partial approval in March, at which time it said it plans to open a regional hub in Dubai after obtaining a full license. Binance Exchange also went through the regulatory process, obtaining a limited license from VARA in April this year.
*Not investment advice.