FTX Exchange FZE Obtains Approval from Virtual Assets Regulatory Authority

FTX Exchange FZE confirmed yesterday that the company has received approval from the Virtual Assets Regulatory Authority (VARA) in Dubai to enter Dubai’s MVP program for virtual assets. The approval will help the company in the expansion of its presence in one of the fastest-growing crypto regions.

The latest announcement from FTX Exchange FZE came approximately four months after FTX Europe, the parent company of FTX Exchange FZE, secured a license to operate the VA exchange in Dubai. In a recent press release shared by the company, the approval will allow FTX Exchange FZE to offer innovative products and services to clients in the region.

Helal Saeed Almarri, Director General of Dubai World Trade Centre Authority that houses VARA, commented: “We are pleased to onboard FTX as the first VASP to enter the operational phase of the VARA MVP Programme. VARA’s operating model, based on our unique test-scale-adapt principle designed for secure and sustainable growth, is reflective of Dubai’s commitment to creating a globally interoperable model for the future economy.”

“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. We look forward to FTX’s active participation in this next stage of collaborative global VA innovation,” Almarri added.

Earlier this year, FTX announced the launch of FTX Japan. During the same month, the digital asset services provider acquired Bitvo, a crypto platform based in Alberta.

Dubai

Dubai’s Virtual Assets Regulatory Authority approved several applications this year to facilitate the expansion of the regional crypto ecosystem. Earlier this week, Komainu received provisional regulatory approval from Dubai’s VARA.

FTX’s CEO, Sam Bankman-Fried, said: “The approval for FTX to receive the first MVP VASP license from Dubai’s prudential supervision regime to fully operate our exchange is a tremendous honor and landmark achievement for our team. Our mission is to lead the way in growing the digital asset industry in countries and jurisdictions that possess a robust digital asset framework.”

This article was written by Bilal Jafar at www.financemagnates.com.