- FTX’s European subsidiary, FTX Europe & MENA has been licensed to establish and operate its Virtual Assets Clearinghouse and Exchange Services in Dubai, United Arab Emirates.
- FTX Europe becomes the first fully regulated VA Exchange to trial complex crypto derivatives dedicated to professional institutional investors within a renowned international jurisdiction.
Through a official statement, FTX Europe & MENA, the subsidiary of crypto exchange FTX that operates in Europe and the Middle East, has been recognized for becoming the first company to receive authorization to operate a cryptocurrency exchange and trading house in Dubai, one of the 7 emirates that make up the United Arab Emirates.
FTX Europe & MENA, was launched at the beginning of March after obtaining the approval of the financial regulator CySec of Cyprus and thanks to this it will be able to operate in both regions. It has the power, among other things, to test complex centralized counterparty clearing crypto derivatives for institutional investors.
“The fact that FTX receives this approval is a continuation of our mission to be at the forefront of licensing and regulation around the world.“said FTX CEO Sam Bankman-Fried.
FTX with a clear vision of expansion
Sam Bankman-Fried also stated that in addition to continuing to seek ways to bring innovative products and services to the market, its action plan focuses on consolidating and expanding with new licenses around the world.
They want to achieve their leadership and advancement plan in the field of the digital assets industry throughout this year 2022, not only with the support of their portfolio of investors and users, but also through the strengthening of commercial alliances in countries that provide a solid regulatory framework, Among its strategic objectives is to facilitate access to cryptocurrencies in a safe way and protecting the investor.
The United Arab Emirates and its importance in the crypto market
The exchange’s Dubai license crystallized once the Dubai Multi Commodities Center (DMCC) gave notice that it formally intended to establish its own “crypto valley” in the United Arab Emirates, designed to promote and embrace the crypto industry and the chain of blocks.
In accordance with chain analysisThe United Arab Emirates (USA) are currently recognized as one of the most friendly and open geographies to promote the benefits and legal operation of cryptocurrencies, an example of the advances is that they recently approved laws that certify virtual assets. In addition, there is work to attract large crypto and financial technology companies.”
On the other hand, the creation of the Virtual Assets Regulatory Authority (VARA) was achieved, which will have an interesting level of governance in the cryptocurrency sector and seeks to turn the emirate into the main cryptography center in the region.
This financial entity, the VARA, also has the function of “oversee the development of the world’s best business environment for virtual assets in terms of regulation, licensing, governance and in line with local and global financial systems“, as tweeted by Sheikh Mohammed bin Rashid Al Maktoum, when announcing the news.
With the respective licenses issued, FT has the peace of mind of being able to operate as a cryptocurrency exchange and trade house and establish new growth brands.. The FTX firm, founded in 2019, has a strategic headquarters in The Bahamas that offers derivative products and spot operations, and in January reached a valuation of $32 billion after raising $400 million in a Series round. c.
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