• April 25, 2024

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Crypto Derivatives Exchange FTX Wins License in the UAE

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Crypto derivatives exchange FTX has received a license to operate in the United Arab Emirates (UAE) and plans to open its own office in Dubai.

Sam Bankman-Fried, the founder and CEO of the exchange, has shared the news via Twitter and has called the license “the first,” meaning the company will probably negotiate to obtain additional licenses in other jurisdictions. He has said:

“We plan to continue playing a lead role in advancing the digital asset industry in countries that provide a robust regulatory framework, while also operating with the highest security, risk, and investor protection standards.”

The company has announced it will open its headquarters in Dubai and offer institutional investors crypto derivatives with centralized counterparty clearing.

The license is issued in accordance with the country’s new law on cryptocurrency, which was adopted last week. A new agency, the Dubai Virtual Assets Regulatory Authority (VARA), was created as part of the bill. The regulator controls the issuance of NFTs and other cryptocurrencies, protects users’ personal data and monitors cryptocurrency platforms and digital wallets.