FTX Secures Full Approval From Dubai Regulators

July 30, 2022

MCP News Free

FTX Secures Full Approval From Dubai Regulators

The high rate of crypto adoption among the Dubai populace has made the Emirates become a central attraction for top crypto firms across the globe, in a recent announcement, FTX has joined the list of crypto exchanges to fully provide digital assets-related services to Dubai residents.

FTX disclosed the information on July 29 that it has been granted regulatory approval to enter Dubai’s ‘Minimum Viable Product’ (MVP) program by the Virtual Asset Regulatory Authority (VARA) through its subsidiary in Europe FZE, an approval that saw FTX becoming the first digital assets services-related provider to obtain the MVP status in Dubai.

The CEO of FTX exchange, Sam Bankman-Fried in response to the new development said that “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,” he added.

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What FTX Dubai MVP Status Depict

FTX earlier this year came to be the virtually regulated cryptocurrency exchange to obtain a provisional license to ready itself to trial complex crypto derivatives dedicated to professional institutional investors in the United Arab Emirates, being able to successfully conclude VARA’s drastic regulatory evaluation, FTX has now been fully approved to transition to an operational MVP license.

The MVP license will allow FTX to deploy regulated crypto derivatives products, and trading services to Qualified Institutional Investors across the region.

Furthermore, the FTX VARA MVP license also permits FTX to act as a Clearing House, operate an NFT Marketplace, and provide Custodial Services under tightly prescribed parameters for a specific class of consumers – assuring strong guardrails for market protection and economic security.

FTX’s FZE is an FTX European and Middle East subsidiary, it is a crypto exchange built for and by traders. Very soon, crypto traders in the Middle East will be able to access FTX’s innovative products comprising industry-leading derivatives, options, and volatility products, tokenized stocks, and other services and products.

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