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FZE announced that the United Arab Emirates Dubai government had given the go-ahead for the cryptocurrency exchange FTX to run its clearing house and exchange operations in the country. A subsidiary of FTX Europe, FTX Exchange FZE, was granted permission by the Virtual Asset Regulatory Authority (VARA) to participate in Dubai's Minimum Viable Product (MVP) initiative for virtual assets. VARA, which Dubai established in March of this year to manage virtual asset regulation as it aspires to become a digital economy center, is the license source. It is a subsidiary of the Dubai World Trade Center and controls all aspects of the cryptocurrency industry, from custodians to asset managers. H.E. Helal Saeed Almarri, Director General of Dubai World Trade Centre Authority, said,
"The MVP Phase, exclusive to select, responsible international players like FTX, will allow VARA to prudently structure guidelines and risk mitigation levers for secure commercial operations,"
https://twitter.com/Reuters/status/1553033958614515714
FTX is First To Receive VARA Approval
According to the release, FTX is the first virtual asset service provider to be granted a license. It makes it possible for FTX to run its exchange and to clear house operations, providing qualified institutional investors in the area with crypto derivatives products and trading services. It also includes authorization to run its custody services and non-fungible token marketplace. When FTX announced its intention to establish a regional headquarters in Dubai after receiving full licensure, it got partial permission in March. Exchange Binance has also been making its way through the legal system; in April of this year, VARA granted it a restricted license.