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Major cryptocurrency exchange FTX has announced that it has become the first institution of its kind to receive a full license to operate in the United Arab Emirates (UAE).
“As the first licensed cryptocurrency exchange in the UAE, we are very excited to expand our business and expand FTX’s presence in the region,” the company said in a statement tweet.
The exchange will operate in the region under the name FTX MENA FZE.The entity also Say At its minimum viable product (MVP) stage, its “services are only available to accredited retail investors, accredited investors and institutions”.
“This enables us to deploy regulated crypto derivatives and trading services to accredited institutional investors in the region,” the company said.
In September 2022, rival major exchange Binance announced that it had obtained a Minimum Viable Product (MVP) license from the Dubai Virtual Assets Authority (VARA) after obtaining a provisional license in March last year.
“Committed to strong investor and market protection principles, Binance will cater to VARA-approved clients who can now benefit from this first-of-its-kind regulatory license unlocked local banking channel. Users will benefit from a higher level of consumer protection By conducting transactions on regulated platforms under the supervision of VARA in Dubai,” Binance said in a statement.
With the latest developments from the UAE authorities go ahead Committed to the introduction of the country’s central bank digital currency (CBDC). In late October 2021, the Central Bank of the United Arab Emirates (CBUAE) announced the completion of mBridge, the world’s largest CBDC transaction pilot, in partnership with the People’s Bank of China Digital Currency Research Institute. Other partners include the Hong Kong Monetary Authority, the Bank of Thailand and the Bank for International Settlements, the central bank said in a statement.
“This project – the first pilot use of a wholesale CBDC in the MENA region – reflects CBUAE’s commitment to creating a world-class financial infrastructure and innovative payment systems, in line with the UAE leadership’s mandate to support the UAE’s economic competitiveness and enhance diversity and growth of the country’s financial sector,” according to the CBUAE.
Notably, the Middle East and North Africa (MENA) region is the fastest growing market in the world, and the UAE is the third largest cryptocurrency market in the region, established A recent report by a blockchain analytics firm chain analysis.
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