FTX Europe & MENA (FTX Europe) recently announced that it has secured a license in Dubai, United Arab Emirates, to build and operate its virtual asset exchange and clearing house services (UAE).
FTX Europe, with its holding company in Switzerland, is a newly founded FTX division that allows the crypto exchange to serve clients throughout the European Economic Area and the Middle East.
They’ve became the first supplier of regulated trading and clearing services for crypto derivatives after gaining the VA Exchange (VAX) license under Dubai’s “prudential supervisory system.“
Under its newly announced Virtual Asset Regulatory Authority (VARA), Dubai is the only global economy with an independently regulated environment for crypto. VARA, which is affiliated to the Dubai World Trade Centre Authority (DWTCA), was founded to oversee the virtual asset industry throughout Dubai while having “legal personality and financial autonomy.“
Following the announcement, Sheikh Mohammed bin Rashid Al Maktoum tweeted that VARA will “oversee the establishment of the greatest business climate in the world for virtual assets in terms of legislation, licensing, governance, and alignment with local and global financial systems.”
According to Helal Saeed Almarri, Director General of the DWTCA, which houses VARA, licensing FTX under this specialist regime demonstrates the authority’s “emphasis on enabling only the most credible global actors who demonstrate a persistent commitment to future-proofing the sector.” With VARA, Dubai is developing a cutting-edge legal framework to protect investors and cement international rules governing the crypto business.
While FTX Europe was the first permitted VAX to offer complicated crypto derivatives to professional institutional investors in the country, Binance is also apparently in talks for a license to operate in the Gulf city-state.
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