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FTX launches in Dubai, becoming the first licensed cryptocurrency exchange in the UAE
- After obtaining a license to operate in the UAE in July, FTX today announced its opening there.
- The company now offers Dubai crypto derivatives, trading services, non-fungible token markets and custody services to institutional investors.
- FTX Exchange FZE will provide these services as a subsidiary of its Europe and Middle East division.
- Also in March, the Bahamas-based cryptocurrency exchange launched its European domain in Cyprus, enabling it to offer products and services in the European Union.
Popular cryptocurrency exchange FTX announced its operations in the United Arab Emirates (UAE) on October 31. As a result, the company became the first to receive a license and the first cryptocurrency exchange to launch services in the UAE.
FTX is officially launched in the 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. pic.twitter.com/X683ADUNWR
— FTX_MENA (@FTX_MENA) October 31, 2022
As previously stated in the press release, the company can now offer crypto derivatives, products and trading services, non-fungible token markets, and custody services to institutional investors in Dubai. FTX Exchange FZE, a subsidiary of FTX’s Europe and Middle East division, will provide the service.
For FTX, the expansion will help it gain more market share outside the U.S. and Europe, as the cryptocurrency exchange has struggled to gain global visibility.
Efforts to global adoption of cryptocurrencies
In recent years, cryptocurrency exchanges have been looking for opportunities in emerging markets, such as the Middle East, which have become centers of crypto innovation.
In a bid to establish itself as a force to be reckoned with in the Middle East, FTX was admitted into Dubai’s Virtual Asset Regime’s “Minimum Viable Product” (MVP) program in July. The scheme falls under the jurisdiction of the Dubai Virtual Assets Regulatory Authority (VARA).
Additionally, on various occasions, FTX CEO Sam Bankman-Fried (SBF) has emphasized his commitment to the global adoption of cryptocurrency exchanges.
“Our mission is to lead the development of the digital asset industry in countries and jurisdictions with strong digital asset frameworks,” SBF said. The Bahamas-based exchange also launched the European segment of its platform in Cyprus in March. This will allow FTX to offer products and services in the EU through an unidentified investment company.
on the other hand
- While crypto companies are looking to expand into the UAE, Adrian Tan, former chief risk officer at Matrix, said it may be difficult for crypto businesses to establish their operations there. This is because banks in the country are regulated by various central banking institutions, each with different regulations.
why you should care
- The company has taken another step forward in its global operations with the launch of the popular cryptocurrency exchange in the UAE.
- Furthermore, this means that more people will acquire digital assets in the near future.
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