Based in the Bahamas, FTX is a well-known crypto exchange. The company announced that it has gotten full approval to start operations in Dubai. This information was released by the company on Friday, July 30th, 2022. Now that the approval is on hand, FTX can start offering regulated products and services to institutional investors in the UAT. It can also offer NFTs and custodial services to all retail users in the country.
FTX head for North Africa and the Middle East, Balsam Danbach said that this license lets the company work with retail investors as well. The ramp up will happen gradually because the company has to meet all the guidelines set by the regulatory body, VACA. FTX will provide services through its FZE exchange, its subsidiary for EME.
FTX had just a partial operating license in Dubai in March 2022. It had, as part of the process, mentioned that FTX would work on setting up headquarters in this region. Danbach didn’t elaborate on FTX plans to expand further or whether plans are in place to get licenses in other countries.
This development took place against a backdrop of other crypto companies trying to set up a footprint and presence in Dubai. Dubai introduced the license for Virtual Assets for crypto businesses on March 11th. This law resulted in the setting up of the authority to oversee virtual assets. VARA will not only supervise the legal framework for digital and crypto assets it will monitor NFTs as well. These two milestones, VAL and VARA, are an indication that Dubai wants to become the go-to destination for everything crypto.