FTX is Granted License to Offer Services in Dubai
A subsidiary of crypto derivatives exchange FTX has been licensed by the Dubai Virtual Assets Regulatory Authority (VARA) to provide digital currency exchange and clearing services.
According to the press release, FTX Exchange FZE has become the first holder of a permanent VARA cryptocurrency license under the MVP program. FTX received in March temporary regulatory approval immediately after the creation of the agency.
The full approval of VARA will allow the exchange to offer regulated trading in crypto derivatives and digital assets to qualified investors in the MENA region. The permit also gives the ability to provide custodial services, operate an NFT marketplace, and act as a clearing house.
FTX’s Regional Director Balsam Danhach has commented:
“Our license extends to retail customers as well, however we will expand gradually to ensure we are approaching the mass market in line with VARA guidelines.”
