In Dubai, FTX Europe is the first cryptocurrency exchange to be granted a licence.
FTX Europe, the newly established European arm of crypto exchange FTX, has become the first company in Dubai to be granted a licence to operate a crypto exchange and trading house.
- The exchange will be able to test crypto derivatives for institutional investors thanks to the licence. The licence comes less than a week after Dubai announced the formation of the Virtual Asset Regulatory Authority (VARA), which would oversee the cryptocurrency industry.
- When the news broke, Sheikh Mohammed bin Rashid Al Maktoum tweeted that the independent authority would "oversee the development of the greatest business environment in the world for virtual assets in terms of regulation, licencing, governance, and in line with local and global financial systems."
- In a press release issued on Tuesday, FTX CEO Sam Bankman-Fried said, "FTX receiving this approval is a continuation of our mission to be at the forefront of licencing and regulation around the world."
- Binance, an FTX competitor, got a licence to operate in Bahrain earlier this week, essentially increasing its Middle Eastern presence. Binance is also said to be in talks to secure a licence in Dubai.
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