Cryptocurrency exchange giant FTX furthers expansion push with its latest license issued by market supervisors in the United Arab Emirates.
- FTX has obtained regulatory approval from Emirati authorities. The exchange is set to operate in the UAE under a virtual asset exchange (VAX) license.
- CEO Sam Bankman-Fried confirmed the news on Tuesday and said that the firm’s recently launched European division, FTX Europe, can now offer crypto derivative services and digital asset exchange facilities to investors in the Emirates.
- In addition, FTX will also open a regional headquarters as part of its move to establish a presence in the Middle East region.
- The Bahamian-based exchange is supposedly the first beneficiary of a newly adopted cryptocurrency licensing policy in the UAE.
- Back in February 2022, Emirati authorities announced plans to approve virtual asset service providers (VASPs) for operations. The proposed policies also included licenses for crypto exchanges.
- With the nod of approval in place, all FTX operations in the regions will fall under the purview of the Dubai Virtual Asset Regulatory Authority (VARA).
- The watchdog has been tasked with ensuring that licensed crypto platforms comply with global industry-standard regulatory policies like anti-money laundering (AML) laws and travel rules.
In similar news, UAE regulators have also approved the leading crypto exchange Binance to operate as a major anchor in the Dubai World Trade Center.