FTX crypto exchange license request accepted by the authorities of Dubai. And according to the CEO and founder of FTX crypto exchange it has received the “first and so far only” license from Dubai authorities.
Dubai is striving to become a crypto-friendly country worldwide for a long time period. As per a recent report of nftstudio24 Dubai accepted a new crypto law and established a Virtual Asset regulatory authority (VARA) in Dubai.
As well, in 2021 the Dubai world trade center declared that it had become a new hub and regulator for digital assets.
And now FTX crypto exchange is expanding its operation in UAE. As the authorities of Dubai have approved and given VAX license(Virtual Asset Exchange license) to FTX crypto exchange.
This license has been approved under the new VARA law. That has been accepted by Dubai last week.
Now, this license enables the FTX crypto exchange to work under Dubai’s crypto market model, which functions accordingly to the global standards imposed by the major regulator, such as the Financial Action Task Force(FATF).
FTX founder and CEO Sam Bankman-Fried told that. The FTX got the “first and so far only” digital license from Dubai.
He further added,
“FTX is proud to be the first license under Dubai’s prudential supervision regime,”
Additionally, The CEO of Bankman-Fried stated that. They have plans to “develop a regional headquarters in the city. And provide crypto derivatives products with centralized counterparty clearing to institutional investors.”
Final Thoughts:
After the crypto and NFT boom in the world. Dubai has explored the crypto ecosystem and wants to convert into a crypto-friendly country. And for that, it has accepted a new crypto law and established crypto regulatory authority.
And under virtual assets regulatory authority VARA. Dubai has approved the FTX crypto exchange license that will allow FTX to continue its operations in Dubai in a legal framework. As well as expand its footprints in Dubai under the official license VAX.
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