One of the largest cryptocurrency exchanges will be entering the Middle East after securing a financial license with regulators in Dubai.
According to a press release by FTX, the crypto exchange has secured a license to operate its "Virtual Asset (VA) Exchange and Clearing House Services in Dubai, United Arab Emirates (UAE)", and will be setting up its regional headquarters in the region.
In fact, FTX Europe will become the first fully licensed crypto exchange that will be trialing "complex crypto derivatives dedicated to professional institutional investors."
Did you know?
Subscribe - We publish new crypto explainer videos every week!
How to Trade NFTs Safely? (Animated Explainer For Beginners)
With Dubai establishing its Virtual Asset Regulatory Authority (VARA), FTX will be able to pursue its financial operations through a regulated environment with strict oversight and FATF travel rules.
Sam Bankman-Fried, who is the CEO of FTX, spoke on the acquired approval from regulators in Dubai, stating:
"FTX receiving this approval is a continuation of our mission to be at the forefront of licensing and regulation around the world. We plan to continue playing a lead role in advancing the digital asset industry in countries that provide a robust regulatory framework, while also operating with the highest security, risk, and investor protection standards."
Likewise, the General Director of Dubai World Trade Centre Authority Helal Saeed Almarri commented on FTX's entrance into the Middle East, saying that the licensing issued by VARA will help Dubai participate in the Future Global Economy where "industry innovators and market shapers share responsibility with policy makers to create a smarter, more democratic, and borderless new economy."
The approval from Dubai came right after FTX announced its entrance to the European market where it secured a financial license from the Cyprus Securities and Exchange Commission (CySEC).
