March 17, 2022
By Priyanka Shetty
FTX Europe, the newly established European unit of crypto exchange FTX, became the first firm to receive a licence to operate a crypto exchange and trading house in Dubai, according to a statement.
Here’s what we know:
- The licence comes a week after Dubai announced the creation of Virtual Asset Regulatory Authority (VARA), which will be responsible for governing the crypto sector. FTX Europe is the first fully regulated VA Exchange to trial complex crypto derivatives dedicated to professional institutional investors within a reputed international jurisdiction.
- The UAE has been seeking to attract some of the world’s biggest crypto and fintech companies. Now with FTX entering the market, FTX will work with Dubai on setting global operating standards to facilitate traceable and secure cross-border trades for the entire crypto industry.
- FTX CEO, Sam Bankman-Fried, 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”.
- Just three years old, FTX is one of the world’s largest crypto exchanges today and it has been pushing to gain institutional clients through a new unit, and has even made use of a popular Super Bowl ad segment to promote itself recently.
About the author
Based in Bengaluru, Priyanka Shetty is a freelance writer for Blockchain Asset Review.