FTX Gets Full Approval to Operate Crypto Exchange in Dubai

FTX. Exchange of cryptocurrency The Bahamas is where the company’s headquarters are located. announced Friday’s announcement by the exchange was that it received full regulatory approval to open its clearinghouse and exchange in Dubai. Dubai is a city and an emirate of the United Arab Emirates (UAE).

The Bahamas-based company has received approval and will now offer regulated cryptocurrency derivatives products and trading services in Dubai to institutional investors. Additionally, it will operate a nonfungible marketplace for tokens and provide custodial service to UAE retail users.

Balsam Danhach is the head of FTX Middle East & North Africa. He said that the license will now be available to retail customers. However, the gradual scaling up will ensure that the company approaches the retail market in accordance with the guidelines established by the Virtual Assets Regulatory Authority, Dubai’s sector regulator.

The exchange stated that the services would come from FTX Exchange FZE which is a subsidiary for FTX’s division in Europe and the Middle East.

FTX received a partial licence in Dubai in March. In this license, it stated it would establish a regional headquarter.

Danhach didn’t say if FTX plans on expanding and getting licenses in other Gulf countries (Arabian) in the Middle East.

UAE to be a Regional Destination

The development of FTX is occurring when more crypto firms expand their presence in Dubai.

Dubai’s virtual assets license was introduced on 11 March to crypto-businesses. Dubai Virtual Assets Regulatory Authority, (VARA) was created in response to the VAL Law. This authority is responsible to oversee the legal framework that applies to businesses dealing with digital assets.NFT).

VAL and VARA are milestones, and reflect Dubai’s vision to become one of the jurisdictions of choice for groups, investors, and entrepreneurs in crypto-businesses and blockchain technology.

Many crypto companies have been eager to open their doors in Dubai since the city started offering virtual asset licenses. This makes the Gulf state the latest jurisdiction to seek to be a center for the global cryptocurrency industry.

After receiving an in-principle approval for a variety of digital asset businesses, exchange Bybit announced its plans to move its global headquarters to Dubai in late March. This was the same day Crypto.com announced it would establish a regional hub office.

In establishing a foothold within the city, Binance and FTX joined forces with the two exchanges.

Source: Shutterstock



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