FTX Launches in Dubai as the First Licensed Crypto Exchange in UAE By DailyCoin

FTX Launches in Dubai as the First Crypto Exchange Licensed in the United Arab Emirates
  • After obtaining a license to operate in the United Arab Emirates in July, FTX today announced the opening of its operations there.
  • The firm now offers institutional investors in Dubai crypto derivatives, trading services, a non-fungible token market, and custody services.
  • FTX Exchange FZE will provide these services as a subsidiary of its Europe and Middle East divisions.
  • Also in March, the Bahamas-based cryptocurrency exchange launched its European domain in Cyprus, allowing it to offer products and services in the EU.

Popular cryptocurrency exchange FTX announced the launch of its operations in the United Arab Emirates (UAE) on Oct. 31. As a result, the company emerged as the first to obtain a license and the first cryptocurrency exchange to launch its services in the UAE.

As previously stated in a press release, the company is now able to offer crypto derivatives, trading products and services, a non-fungible token market, and custody services to institutional investors in Dubai. FTX Exchange FZE, a subsidiary of the Europe and Middle East division of FTX, will provide the services.

For FTX, the expansion will help it gain more ground in markets outside of the United States and Europe, as the cryptocurrency exchange has been pushing to gain global prominence.

Efforts towards global adoption of cryptocurrencies

In recent years, cryptocurrency exchanges have looked to emerging markets such as the Middle East for opportunities, which have become a hub for crypto innovation.

In its effort to establish itself as a force to be reckoned with in the Middle East, FTX gained approval to enter Dubai’s “Minimum Viable Product” (MVP) program for virtual asset regime in July. The program falls under the jurisdiction of the Dubai Virtual Assets Regulatory Authority (VARA).

Furthermore, on different occasions, the CEO of FTX, Sam Bankman-Fried (SBF), has emphasized his commitment to the global adoption of the cryptocurrency exchange.

“Our mission is to lead the way in the growth of the digital asset industry in countries and jurisdictions that possess a strong digital asset framework,” SBF said. The Bahamas-based exchange also launched the European domain of its platform in Cyprus in March. This will allow FTX to offer products and services in the European Union through an unidentified investment firm.

In the reverse

  • While crypto companies are looking to expand into the United Arab Emirates, Adrian Tan, former chief risk officer at Matrix, says it can be difficult for crypto companies to establish themselves there. This is because the country’s banks are regulated by a variety of central banking authorities, each with a different set of regulations.

why should you care

  • With the launch of the popular cryptocurrency exchange in the United Arab Emirates, the company has taken another step forward in its operations globally.
  • Furthermore, this means that more people will have access to digital assets in the near future.

See original on DailyCoin