FTX receives cryptol license with headquarters in Dubai

FTX receives cryptol license with headquarters in Dubai

The US cryptocurrency exchange FTX has received a license to operate its services in the United Arab Emirates (VAE) and will now try to build a regional headquarters in the city of Dubai.

ftx is now ready to offer institutional customers in the city of crypto derivative products and to use a progressive licensing system for virtual assets that are monitored by the Dubai Virtual Assets Regulatory Authority.

Bloomberg first Reported The news on Monday. In a declaration published by the news agency, FTX CEO Sam Bankman-Fried said his company would offer "complex crypto derivative products" with "centralized counterparty clearing for institutional markets".

It is another big profit for the stock market provider who tries to expand its services outside the United States. Last week, FTX consolidated its European activities under the roof of FTX Europe to serve customers on the continent and throughout the Middle East.

At the same time, the Emirat Dubai, one of seven others within the VAE, took over its First legal text known as dubai virtual asset regulation law to monitor up -to -up sector.

This law aims to establish a crypto government throughout the Emirate and its free zones, with the exception of the Dubai International Financial Center, which is supervised by another supervisory authority, the Dubai Financial Services Authority.

Before that the receipt of a license for crypto services in Dubai, the submission of an application to the government agency Dubai Multi Commodities Center (DMCC) was required. The DMCC was founded in 2002 and is a free trade zone with the aim of boosting goods flows into the city.

Sure services within the DMCC for the first 50 years, no restrictions on the transfer of income of a company and no restrictions Foreign employment. It is unclear where the planned headquarters are to be built in the city. FTX did not react immediately to a request for comment.

The rival Binance Stock Exchange, the world's largest crypto platform according to trading volume, has also urged to gain a foothold in the Middle East, and said this also reported green illuminates its products under the newly introduced law.