- FTX has received approval to enter Dubai’s MVP for VARA.
- Earlier this year, FTX started a transfer procedure for its operational MVP license.
The region’s cryptocurrency regulator, the Virtual Asset Regulatory Authority, has approved FTX Exchange FZE (FTX) to participate in Dubai’s “Minimum Viable Product” (MVP) program for Virtual Assets Regulatory Authority (VARA). With the permission, FTX becomes Dubai’s first MVP-licensed supplier of virtual asset services.
JUST IN: 🇦🇪 FTX exchange has been granted full approval to operate in Dubai.— Watcher.Guru (@WatcherGuru) July 29, 2022
Sam Bankman-Fried, the CEO of FTX stated :
Our mission is to lead the way in growing the digital asset industry in countries and jurisdictions that possess a robust digital asset framework
With VARA’s letter of clearance, SBF claims, FTX, and FZE Exchange will operate under a model that includes strict regulatory monitoring and required FATF compliance measures that conform with the requirements of Tier 1 International Financial Markets.
First to Receive MVP License in Dubai
The transfer process for FTX’s operational MVP license began earlier in the year. It became the first cryptocurrency exchange to obtain a preliminary license for complex crypto derivatives dedicated to professional institutional investors in UAE and then went on to obtain the highly sought-after MVP license.
With the MVP license, the platform becomes qualified to offer trading services to accredited institutional investors as well as regulated crypto derivatives. Other advantages of the VARA MVP license include the ability for the platform to function as a clearing house in addition to running an NFT market. Additionally, it allows FTX to offer custodial services to a specific group of customers.
To maintain safety and security in the marketplace, these services will need to adhere to several tight guidelines. According to H.E. Helal Saeed Almaari, the operating principle of VARA is a unique test-scale-adaptive principle. He oversees VARA as the Director General of the Dubai World Trade Centre Authority. The aforementioned idea promises growth that is safe and long-lasting, which will do wonders for Dubai’s future economy.
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