FTX is authorised to operate completely in Dubai

In March of this year, FTX was granted a partial licence to run a range of exchange services in Dubai. Currently, the company has been granted full authorization to do so.

FTX Exchange FZE, a Dubai-based subsidiary of FTX Europe has been given the green light to participate in the city’s Virtual Asset Minimum Viable Product (VAP) initiative. The Virtual Asset Regulatory Authority (VARA) of Dubai issued the licence in support of Dubai’s efforts to establish itself as a centre for the digital economy, which it did in March of this year. Cryptocurrency activities from custodians to asset managers will be regulated by an associated agency of the Dubai World Trade Center (DWTC).

“The MVP Phase will help VARA to wisely develop rules and risk mitigation levers for safe commercial operations,” stated H.E. Helal Saeed Almarri, Director General of Dubai World Trade Centre Authority.

FTX is the first firm licenced to provide virtual asset services, according to the statement. As a result, FTX is allowed to run its exchange and clearing house operations and provide qualified institutional investors in the area with trading and crypto derivatives solutions.

It also includes a licence to operate a marketplace for non-fungible tokens and custodial services.

FTX acquired partial clearance in March, at which time it announced its intention to establish a regional headquarters in Dubai as soon as it obtained full authorization. In April of this year, Binance obtained a restricted licence from VARA after navigating the regulatory procedure.

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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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