A branch of FTX Exchange, FTX Europe, and the Middle East has been permitted to participate in Dubai’s MVP program for Virtual Assets, governed by VARA. Numerous crypto asset companies have filed for the VARA permit and have thus far been pre-approved.
FTX Secures A Permanent License to Operate in Dubai, UAE
By receiving the MVP license to run its Virtual Asset Exchange and Clearing House services in Dubai, FTX has successfully established itself as the first Virtual Asset Service Provider (VASP). FTX plans to test complicated crypto derivatives for skilled corporate investors in the UAE. During this phase, it also sought and received a temporary permit earlier in 2022.
One of the leading cryptocurrency exchanges, FTX, has been granted full permission to operate in Dubai as the country moves forward with efforts to build its virtual asset industry. The Bahamas-based business announced that it would begin by providing corporate investors within Dubai with regulated cryptocurrency derivatives assets and trading solutions. It will also run an NFT marketplace and provide depository services.
According to Balsam Danhach, CEO of FTX Middle East and North Africa, their license stretches to retail consumers too. But it’ll be a slow scale-up to guarantee that they get to the retail market within the rules provided by the VARA. It stated that FTX Exchange FZE would provide the services.
Even as other regulators raise concerns about the technology, the UAE is working to establish itself as a center for the digital asset industry. Binance has increased recruiting in the city. It was mainly due to its plans to get Dubai to give them a license to operate some virtual asset operations in the area. FTX announced in March that it would construct a regional headquarters after Dubai first granted it a partial license.
Danhach didn’t discuss whether FTX intended to grow and apply for licenses in more Gulf states. FTX has recently made investments in struggling cryptocurrency companies that are groaning under the weight of the sharp decline in the value of the currencies.
FTX.US Makes Stocks Trading Accessible to All Users
The President of FTX.US, Brett Harrison, made an announcement on Twitter on Wednesday. He said that stock trading is currently available to users in all 50 states in America. He stated that all customers would now be able to trade several ETFs and stocks online or via the FTX.US Pro app.
FTX’s American branch said it would not be imposing fees, nor will it monetize transactions in a way similar to Robinhood (HOOD). It has come under the flames for its PFO (paying-for-order) flow marketing strategy. The functionality was piloted to a small number of users in May. FTX.US purchased equities-clearing firm Embed Financial Technologies earlier this year. It will now offer API and brokerage solutions to the marketplace.