FTX, a global cryptocurrency exchange, has become the first exchange to be licensed under the new Dubai Virtual Asset Regulation Law. The license will allow the exchange to extend its operations into the United Arab Emirates (UAE).
The latest reports show that the license was issued under Dubai Virtual Assets Regulatory Authority (VARA), which was given more powers by the new virtual currencies law.
FTX to establish its headquarters in Dubai
FTX’s main aim in getting licensed in Dubai is to establish its regional headquarters in Dubai.
According to Bankman-Fried, after licensing, FTX will be able to provide centralized counterparty clearance to institutional investors in the region.
FTX Europe, one of the supports in the Dubai World Trade Center, became a crypto regulatory center last year December.
FTX Europe Director, Patrick Gruhn said:
“The security and trustworthiness that Dubai offers in keeping to these obligations allow FTX to confidently pursue its global expansion plan, becoming the first virtual asset service business to do so through a fully regulated approach.”
With the authorities in Dubai putting measures on industrial growth, EAU has become one of the best crypto-friendly nations. Besides, UAE had already established some measures that will allow crypto trading in some free economic zones in Dubai in 2021.
Binance also looking for license in Dubai
Last week Bloomberg reported that Binance, the largest crypto exchange platform, wanted to be licensed under the new Dubai crypto regulations to be granted operational rights in Dubai.
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