FTX Gets Green Light To Operate Crypto Exchange In Dubai
Crypto exchange FTX has received the green light to operate an exchange and clearing house services in Dubai, United Arab Emirates.
FTX Exchange FZE, a subsidiary of FTX Europe, has been granted permission to participate in Dubai’s Minimum Viable Product (MVP) initiative for virtual assets.
The jurisdiction’s Virtual Asset Regulatory Authority (VARA) issued the license, which Dubai established in March of this year to manage virtual asset regulation to become a digital economy powerhouse. It is a Dubai World Trade Center-affiliated entity that regulates crypto activities ranging from custodians to asset managers.
H.E. Helal Saeed Almarri, Director General of Dubai World Trade Centre Authority, said:
“The MVP Phase, exclusive to select, responsible international players like FTX, will allow VARA to prudently structure guidelines and risk mitigation levers for secure commercial operations.”
According to the release, FTX is the first virtual asset service provider to get a license. It enables the exchange to run its exchange and clearing house services and provide crypto derivatives products and trading services to qualified institutional investors throughout the area.
It also includes licensure to operate its non-fungible token (NFT) marketplace and custody services.
FTX received partial approval in March when it said it planned to anchor a regional headquarters in Dubai once it received full licensure. Exchange Binance has also been winding its way through the regulatory process, nabbing a limited license from VARA in April of this year.
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