FTX gets full approval to operate exchange in Dubai

FTX gets full approval to operate exchange in Dubai
Image Credits: Business Insider

FTX, a cryptocurrency exchange headquartered in the Bahamas, announced on Friday that it has received full regulatory approval to operate its exchange in Dubai.

This marks another quick milestone for FTX since FZE, a subsidiary of FTX’s division for Europe and the Middle East, obtained a partial license to operate in Dubai earlier in March.

Upon launch, FTX will offer regulated crypto derivatives products and trading services to institutional investors in the UAE. In a statement, Balsam Danhach, head of FTX Middle East and North Africa, teased an NFT marketplace launch, saying: “Our license expands to retail customers as well, however, it will be a gradual scale up to ensure that we approach the retail market within the guidelines set by the Virtual Assets Regulatory Authority (Dubai’s sector regulator).”

Dubai has been making large strides to groom its residents for the metaverse, attracting a number of international exchanges, such as Bybit and Binance, as well as a number of local blockchain startups, to the UAE market. 

The big changes started on the 11th of March, when Dubai introduced the virtual assets license (VAL) law for crypto-businesses. The VAL Law then led to the establishment of the Dubai Virtual Assets Regulatory Authority (VARA), which is responsible for supervising the legal framework for businesses related to digital assets, including crypto assets, virtual assets, and non-fungible tokens (NFTs).

On July 18th, H.H Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council also announced the launch of the Dubai Metaverse Strategy, which is set to generate up to $4 billion for the city’s GDP and create 40,000 additional jobs in the augmented and virtual reality sectors by 2030.

Following the launch of the Dubai Metaverse Strategy, H.H. Sheikh Hamdan bin Mohammed announced the Dubai Metaverse Assembly, a large-scale event hosting more than 300 global experts, policymakers, thought leaders and decision makers from more than 40 organizations to explore how the revolutionary blockchain technology can be utilized to create a better future for humanity across three main tracks: Educate, Inspire and Contribute.

The event, which is organized by the DFF, is set to take place on the 28th and 29th of September at the Museum of the Future and Emirates Towers. 

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