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FTX Europe Is Now The First Exchange to Get Crypto License In Dubai

The newly established FTX Europe has secured its license to operate in Dubai.

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Photo by Rawpixel / Envato / Blockwatch

The newly established European unit of the popular crypto exchange FTX, titled FTX Europe, has officially become the 1st firm to get a license that’ll allow it to operate a crypto exchange and trading house within Dubai.

By receiving this license, the exchange will now be able to run trials of crypto derivatives for institutional investors. FTX Europe receiving its license comes just a week after the announcement made by Dubai regarding the creation of the Virtual Asset Regulatory Authority, aka VARA. It will be VARA’s responsibility to govern the goings-on of the crypto sector.

The independent authority will also “oversee the development of the best business environment in the world for virtual assets in terms of regulation, licensing, governance, and in line with local and global financial systems,” as Sheikh Mohammed bin Rashid Al Maktoum first tweeted regarding the news, once it broke.

Sam Bankman-Fried, the CEO of FTX also said “FTX receiving this approval is a continuation of our mission to be at the forefront of licensing and regulation around the world,” in a Tuesday press release.

FTX was also able to secure a license to operate within Bahrain which served to successfully expand its middle eastern presence. FTX rival Binance has also been reported to be in talks to obtain its very own operating license in Dubai as well.

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