FTX’s subsidiary FZE has received a full operational license to conduct its business in Dubai. The first Minimal Viable Product (MVP) license will enable the company to offer its full services in the region
The operating license was issued by Dubai’s Virtual Asset Regulatory Authority (VARA) under the MVP program. Director general of Dubai WTC Authority, Helal Saeed Almarri, commented on the license. He stated that the MVP program is designed to ensure sustainable and secure business growth in the region. At the moment, the cryptocurrency exchange has been operating under a test phase as it prioritizes its offerings on different crypto services.
But the new license has given the crypto exchange full authority to operate all its crypto services in the region.
Chief Executive Officer of FTX, Sam Bankman-Fried, also commented on the development. He stated that the new license will enable the crypto exchange to operate under a model that incorporates regulatory oversight. It will also maintain the Financial Action Task Force (FAFT) compliance controls that cater to the international financial markets.
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Almarri also stated that the new license for the crypto exchange will be taken as a regulatory trial for other commercial service firms that offer virtual asset operations in the future.
Dubai Works On Comprehensive Crypto Adoption
While commenting on the new license, Almarri noted that the region is looking to design a comprehensive crypto compliance system. Dubai is one region that provides an enabling environment for crypto businesses to thrive.
The MVP license given to FTX will enable VARA to provide well-structured guidelines and risk mitigation measures for secure commercial operators.
He further highlighted that the crypto exchange has been approved to deploy regulated crypto derivative trading services. They can market these services to institutional investors in the region. The license also gives the exchange the authority to act as a clearing house, provide custodial service, and operate a nonfungible token (NFT) marketplace across the region.
The FTX has intensified efforts to make its crypto services more visible to the public. The company also received Dubai’s virtual asset exchange (VAX) license in March of this year.
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