FTX Exchange FZE announced today that it has been approved to participate in Dubai’s Virtual Asset Minimum Viable Product (MVP) program, established by the Virtual Assets Regulatory Authority (VARA). A subsidiary of FTX Europe, FTX Exchange FZE (FTX) is the first Virtual Asset Service Provider (VASP) to receive this MVP license to operate its Virtual Asset (VA) Exchange and Clearing House in Dubai, United Arab Emirates.
Parent company FTX earlier in the year became the first fully regulated exchange to receive a provisional license in the largest Emirate and will soon be rolling out complex crypto derivatives for professional institutional investors in the UAE.
Following the successful completion of VARA’s rigorous regulatory assessment, the transition to an operating MVP license is now fully approved, allowing the company’s VA exchange to offer regulated crypto derivatives and trading services to accredited institutional investors in the region. In addition, the VARA MVP license grants FTX a license to act as a Clearing House, operate NFT marketplaces, and provide custodial services to specific classes of consumers under strictly defined guidelines.
FTX CEO, Sam Bankman-Fried, said that for FTX to receive Dubai’s first MVP VASP licence is a “tremendous honor and landmark achievement” for the exchange.
“Our mission is to lead the way in growing the digital asset industry in countries and jurisdictions that possess a robust digital asset framework,” Bankman-Fried continued.
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