FZE, a subsidiary of FTX, has obtained a complete license to conduct business in Dubai. The initial Minimum Viable Product (MVP) license will allow the company to provide its complete services in the region.
Dubai’s Digital Asset Regulatory Authority (VARA) issued the functioning license under the MVP program. Helal Saeed Almarri, director general of Dubai WTC Authority, commented on the license. He stated that the MVP program is intended to ensure the sustainable and secure growth of local businesses. Currently, the cryptocurrency market is operating under a test phase in which it is prioritizing its decisions on various crypto firms.
However, the new license has granted the crypto exchange complete authorization to operate all of its crypto services in the region.
Sam Bankman-Fried, the chief executive officer of FTX, also commented on the occasion. According to him, the new license will permit the crypto market to operate under a model with regulatory control. It will also maintain the Monetary Action Process Pressure (FAFT) compliance standards that service the global financial markets.
Almarri added that the new license for the crypto exchange will serve as a regulatory test for other industrial service providers that conduct digital asset activities in the future.
Dubai Strives To Finish Crypto Adoption
Commenting on the new license, Almarri stated that the region is attempting to develop a comprehensive crypto compliance framework. Dubai is a region that facilitates the growth of cryptocurrency companies.
The MVP license granted to FTX will allow VARA to provide industrial operators with well-structured pointers and threat mitigation measures.
Moreover, he emphasized that the crypto industry has been authorized to implement regulated crypto by-product purchasing and selling services. They will advertise these enterprises to regional institutional purchasers. The license also authorizes the exchange to act as a clearing house, provide custodial services, and operate a nonfungible token (NFT) market in the region.
The FTX has escalated its attempts to increase public awareness of its crypto firms. In March of this year, the company also received Dubai’s digital asset exchange (VAX) license.
