FTX Europe Is Now The First Exchange To Get Crypto License In Dubai

FTX Europe is presently the first exchange to obtain a crypto license in Dubai

The newly-organized European unit of popular crypto exchange FTX, named FTX Europe, has become the first firm to be officially licensed that will allow it to govern a crypto exchange and trading house within Dubai.

After receiving this license, the exchange will now be prepared to operate trials of cryptocurrency derivatives for institutional investors. FTX Europe received its license just a week after Dubai announced the creation of the Virtual Asset Regulatory Authority, aka VARA. VARA will be responsible for controlling the activities of the crypto sector.

As Sheikh Mohammed bin Rashid Al Maktoum tweeted the news, once it was wiped out. The independent administration will also “examine the growth of the best business atmosphere in the world for actual assets in terms of legislation, licensing, administration, and in line with local and global financial systems.”

“ Acquiring this authorization for FTX is a persistence of our objective to be at the forefront of licensing and legislation around the world,” FTX CEO Sam Bankman-Fried said in a Tuesday press release.

FTX was also able to ensure a license to govern within Bahrain, which served to successfully broaden its Middle Eastern presence. FTX rival Binance is also reported to be in talks to attain its operating license in Dubai as well.

Author

  • Yokesh Sankar

    Hi, I’m Yokesh Sankar, Co-founder & Chief Operating Officer at Dconn. Here, we believe in changing lives for the better and blockchain has endless possibilities to streamline virtually any industry you can imagine. I’m trying my best to advocate for the adoption of this revolutionary technology and we're helping businesses of all sizes realize their visions through blockchain. Here, I’ll be sharing everything I’ve learned over the years working in the industry and hoping to spread as much knowledge as I can about blockchain.

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