On March 15, Sam Bankman-Fried's crypto exchange company FTX Europe has announced in a press release that the firm is growing operations in the United Arab Emirates by getting a virtual asset exchange (VAX) license in Dubai.

The license is conceded under another cryptocurrency regulation taken on last week in Dubai, with Dubai Virtual Asset Regulatory Authority (VARA) turning into a significant crypto controller in the Emirate's exceptional development and free zones.

The VAX license permits FTX to work inside Dubai's crypto market model, which works in consistency with worldwide norms laid out by significant controllers like the Financial Action Task Force.

As indicated by FTX founder and CEO Sam Bankman-Fried, FTX has gotten the “first and so far only” digital exchange license from Dubai. “FTX is proud to be the first licensee under Dubai's prudential supervision regime,” Bankman-Fried said.

He also added FTX plans to layout a provincial headquarters in the city and proposition crypto derivatives items with unified counterparty clearing to institutional investors, as a component of its push in Dubai.

FTX's European and Middle Eastern division FTX Europe is among anchors in the Dubai World Trade Center, which turned into a thorough zone and controller of cryptocurrencies, items, and administrators in December 2021. As recently revealed, Binance was among the first crypto trades to join a new crypto center point laid out by the Dubai World Trade Center Authority in 2021.

“The certainty and credibility that Dubai assures in its adherence to these commitments allow FTX to safely pursue its overall strategy of scaling towards becoming the first virtual-asset service provider to enter global markets in a fully regulated manner,” FTX Europe head Patrick Gruhn said.

As per a report by Bloomberg, Binance has additionally acquired a crypto license in Dubai under a similar program. The world's biggest crypto trade by exchanging volumes was supposedly attempting to get a functional license in Dubai last week.

Joyashree Dey

CBW - External Analyst

INDIA