FTX crypto derivatives exchange has received a license to operate in the United Arab Emirates (UAE) and plans to open its own office in Dubai. And this is just the beginning.
FTX Founder and CEO Sam Bankman-Fried shared the news with his Twitter followers. He called the license “the first” (and so far the only one). The exchange is probably not going to stop there.
Really excited to receive the first ( and so far only) digital asset exchange license from Dubai!
Adding to the list: https://t.co/ELyIX1cd https://t.co/1jEkTz52qS
— SBF (@SBF_FTX) March 15, 15
“We plan to continue to play a leading role in the development of the digital asset industry in countries that provide a strong regulatory framework, as well as operate with the highest standards of security, risk and investor protection.” Bankman-Fried said in a statement.
As part of promoting its business in the country, the company will open its headquarters in Dubai and will offer institutional investors crypto derivatives with centralized clearing of counterparties.
The license is issued in accordance with the new cryptocurrency law that was adopted in the country last week. As part of the new law, a new agency, the Dubai Virtual Assets Regulatory Authority (VARA), was created. VARA controls the issuance of NFTs and other cryptocurrencies, protects users’ personal data, and monitors cryptocurrency platforms and digital wallets. The agency will also monitor suspicious cryptocurrency transactions and take steps to prevent market manipulation of cryptocurrencies.
FTX is not the only crypto company planning to expand business in the Middle East. Binance, the largest cryptocurrency exchange, has achieved positive results in the Kingdom of Bahrain. The trading platform was lucky enough to get a license from the Central Bank of Bahrain. Binance will be able to operate legally in the country. The license allows the exchange to provide services for trading, storage and asset management in cryptocurrency under the control of the regulatory authorities of the Kingdom of Bahrain.
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