On 29th July, FZE, a subsidiary of crypto exchange FTX, has been granted Dubai’s first MVP License from Dubai's Virtual Asset Regulatory Authority (VARA).
With the license, FTX FZE has been approved to deploy regulated crypto derivatives products and trading services to qualified institutional investors. In addition, the exchange can also act as a clearing house, operate a nonfungible token (NFT) marketplace, and provide custodial services across the region.
Dubai and the rest of the UAE have been taking steps toward cryptocurrency adoption at a fast pace this year. The interest of financial authorities in cryptocurrencies and the approbation of major exchanges is setting the tone for regulators across the world. While certain countries are focused on tightening controls, the experimental approach of Dubai and the green light was recently given to the European Union Markets in Crypto Assets proposal could serve as a reference for other regions.
Other crypto exchanges allowed to operate in the United Arab Emirates: