News

FTX Europe is the first cryptocurrency exchange to be licensed under Dubai’s regulatory system.

FTX Europe & MENA (FTX Europe) recently announced that it has secured a license in Dubai, United Arab Emirates, to build and operate its virtual asset exchange and clearing house services (UAE).

FTX Europe, with its holding company in Switzerland, is a newly founded FTX division that allows the crypto exchange to serve clients throughout the European Economic Area and the Middle East.

They’ve became the first supplier of regulated trading and clearing services for crypto derivatives after gaining the VA Exchange (VAX) license under Dubai’s “prudential supervisory system.

FTX Europe is the first cryptocurrency exchange to be licensed under Dubai's regulatory system. 2

Under its newly announced Virtual Asset Regulatory Authority (VARA), Dubai is the only global economy with an independently regulated environment for crypto. VARA, which is affiliated to the Dubai World Trade Centre Authority (DWTCA), was founded to oversee the virtual asset industry throughout Dubai while having “legal personality and financial autonomy.

Following the announcement, Sheikh Mohammed bin Rashid Al Maktoum tweeted that VARA will “oversee the establishment of the greatest business climate in the world for virtual assets in terms of legislation, licensing, governance, and alignment with local and global financial systems.”

According to Helal Saeed Almarri, Director General of the DWTCA, which houses VARA, licensing FTX under this specialist regime demonstrates the authority’s “emphasis on enabling only the most credible global actors who demonstrate a persistent commitment to future-proofing the sector.” With VARA, Dubai is developing a cutting-edge legal framework to protect investors and cement international rules governing the crypto business.

While FTX Europe was the first permitted VAX to offer complicated crypto derivatives to professional institutional investors in the country, Binance is also apparently in talks for a license to operate in the Gulf city-state.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

KAZ

CoinCu News

Victor

Recent Posts

Best Altcoins to Buy Today: Qubetics Rides 1000x Potential to Hit $2.6M, Ethereum Stays Rangebound, Tron USDT Transactions Hit $52B

Discover the best cryptos to buy and hold today: Qubetics leads with 1000x potential, Ethereum…

2 hours ago

Trump Media Company Is Pushing New Venture For Crypto Service

With the platform facing a cracked whip, Trump Media company is expanding into new business…

2 hours ago

Crypto Advisory Council Now A White House Position Attracting Leaders

Major crypto firms, including Ripple, Kraken, and Circle, are competing for spots on President-elect Donald…

3 hours ago

Analyst Sounds Major Breakout Alert Amid Shiba Inu, WallitIQ, And Dogecoin Price Recoveries

Analysts highlight a breakout alert as Shiba Inu (SHIB), and Dogecoin show signs of recovery…

3 hours ago

SEC Chair Gary Gensler Will Lose Power From January 20

SEC Chair Gary Gensler will step down on January 20, 2025, coinciding with President-elect Donald…

3 hours ago

MicroStrategy Convertible Notes Now Out of Stock With $3B Raised

The MicroStrategy convertible notes offering, initially set at $1.75 billion, was increased to $2.6 billion…

4 hours ago

This website uses cookies.