To enhance its presence in the global financial ecosystem, FTX Europe and MENA (FTX Europe) announced today that the company has received a license to establish and operate its Virtual Asset (VA) exchange and Clearing House services in Dubai.
In the global virtual asset ecosystem, Dubai is the only leading economy that has an independent regulatory environment under its recently announced Virtual Asset Regulatory Authority (VARA). Through the virtual exchange license, FTX will be able to assist clients with regulated trading and clearing services.
The digital asset trading platform aims to support the development of the crypto industry in the region. Sam Bankman-Fried, the CEO of FTX, said that investor protection standards are important for the growth of digital currencies across the world.
"FTX is proud to be the first licensee under Dubai's prudential supervision regime. It's an honor to be one of the first approved applicants in such a specialized category, and we are excited to be able to introduce complex crypto-derivatives products with centralized counterparty clearing to institutional markets. 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,” Bankman-Fried said.
Dubai
In December 2021, the Dubai World Trade Center (DWTC), one of the well-known business hubs in the United Arab Emirates, announced its plan to become a comprehensive crypto zone. To achieve that target, the DWTC authority introduced several measures to attract leading global digital asset companies.
Helal Saeed Almarri, the Director General of Dubai World Trade Centre Authority that houses VARA, said: "Dubai views the Virtual Assets industry as an accelerator for the Future Global Economy. Our VARA regime is structured to catalyze collaboration, foster innovation and most critically prioritize public protection.”
