FTX exchange received a license in the United Arab Emirates

Crypto derivatives exchange FTX has received a license to operate in the United Arab Emirates (UAE) and plans toopen your own office in Dubai. And this is just the beginning.

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FTX Founder and CEO SamSam Bankman-Fried shared this 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/50ELyIX1cd https://t.co/1jEkTz52qS

— SBF (@SBF_FTX) March 15, 2022

 

“We plan to continue to play a leading role indevelopment 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 your business in the country,the company will open its headquarters in Dubai and will offer institutional investors crypto-currency derivatives with centralized counterparty clearing.

The license was issued in accordance with the new law oncryptocurrency, which was adopted in the country last week. As part of the new law, a new agency was created - the Dubai Virtual Assets Regulatory Authority (VARA). VARA monitors 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 measures to prevent market manipulation of cryptocurrencies.

FTX is not the only cryptocurrency companyplanning to expand its 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 receive a license from the Central Bank of Bahrain. Binance will be able to operate in the country legally. The license allows the exchange to provide services for trading, storing and managing assets in cryptocurrency under the control of the regulatory authorities of the Kingdom of Bahrain.

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