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Crypto exchange FTX on Friday said it received the “Minimum Viable Product” license from Dubai’s Virtual Assets Regulatory Authority, becoming the first crypto exchange to receive the approval. The FTX Exchange FZE, a subsidiary of FTX’s division in Europe and the Middle East will offer regulated crypto derivatives products and trading services to institutional investors. Along with that, crypto exchanges will operate an NFT marketplace and provide custodial services.
FTX Receives Exchange and Clearing House Approval in Dubai
Crypto exchange FTX’s subsidiary FTX Exchange FZE received approval to enter the “Minimum Viable Product” (MVP) program operated by Dubai’s Virtual Asset Regulatory Authority (VARA), as per a July 29 press release.
Several crypto exchanges and companies started expanding to the United Arab Emirates after the nation announced its mission to become a virtual asset hub. In March, FTX received a license to operate and build its headquarters in Dubai.
The MVP approval allows FTX Exchange FZE to offer regulated crypto derivatives products and trading services to institutional investors. Also, allowing FTX to act as a clearing house, operate an NFT marketplace, and provide custodial services for only a specific class of consumers.
FTX CEO Sam Bankman-Fried commented on the license approval as a landmark achievement for the firm. FTX FZE Exchange will provide services under regulatory oversight and mandatory FATF compliance.
Mohammad Hans Dastmaltchi, chairman of the board of FTX Exchange FZE, said:
“This would not have been possible without the progressive business environment in Dubai, the thorough and trustworthy regulatory guidelines provided by VARA, and the outstanding support from their team.”
Helal Saeed Almarri, Director General of Dubai World Trade Centre Authority asserts the MVP Phase will only have responsible international players like FTX. The phase helps VARA build guidelines and risk mitigation frameworks for secure commercial operations and technological innovation.
Dubai Flourishing Crypto Landscape
Dubai is on a mission to build a hub for virtual assets. Crypto exchanges such as Binance, Huobi, OKX, and others received approval to operate in Dubai.
Crypto adoption is also rising in Dubai’s retail and industrial space. Dubai’s largest real estate developer Damac started accepting payments in Bitcoin and Ethereum.
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