Copy link
Increase text size
Decrease text size
Link copied

Crypto exchange FTX’s subsidiary bags first MVP license from Dubai’s Virtual Asset Regulatory Authority

The VARA MVP license allows the crypto exchange to offer crypto derivatives products, custodial, and trading services, act as a clearing house, and operate an NFT marketplace.

Image by: Wikimedia Commons

Sun, 31 Jul 2022, 21:30 pm UTC

FZE, the subsidiary of billionaire Sam Bankman-Fried crypto exchange FTX, became the recipient of Dubai’s first Minimal Viable Product (MVP) License. The operating license, which was issued by the Virtual Asset Regulatory Authority (VARA), will allow the crypto exchange to operate in the region.

On Friday, FTX Exchange FZE announced that it received the MVP license to operate its crypto exchange and clearing house services in Dubai. The company added that it is the first virtual asset service provider (VASP) to receive the license.

VARA operates under the Dubai World Trade Centre Authority. According to the Dubai WTC Authority Director General H.E. Helal Saeed Almarri, the VARA MVP Program is based on the test-scale-adopt principle designed for secure and sustainable growth in Dubai.

“We are pleased to onboard FTX as the first VASP to enter the operational phase of the VARA MVP Programme…” the director general said. “The MVP Phase, exclusive to select, responsible international players like FTX, will allow VARA to prudently structure guidelines and risk mitigation levers for secure commercial operations. We look forward to FTX's active participation in this next stage of collaborative global VA innovation.”

FTX Exchange FZE is a subsidiary of FTX Europe and the Middle East Division of the crypto exchange FTX, which will offer the exchange suite of products and services to clients in the region. These include options, derivatives, and volatility products as well as tokenized stocks and other services.

FTX is also the first fully regulated exchange to receive a provisional license. After passing VARA’s evaluation, its provisional license now becomes an operational MVP license.

This means that the crypto exchange has the approval to offer regulated crypto derivatives products and trading services to institutional investors in the region. The VARA MVP license also allows the company to operate an NFT marketplace, provide custodial services, and act as a clearing house.

“Our mission is to lead the way in growing the digital asset industry in countries and jurisdictions that possess a robust digital asset framework,” FTX CEO Sam Bankman-Fried said. “With VARA's letter of approval, FTX FZE Exchange will operate under a model which has rigorous regulatory oversight and mandatory FATF compliance controls that are in line with the requirements of Tier 1 international financial markets.”

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

  • Bitcoin (btc) $23,990.00 (-0.23%)
  • Ethereum (eth) $1,893.13 (-0.08%)
  • USD Coin (usdc) $1.00 (+0.30%)
  • BNB (bnb) $316.57 (+0.20%)
  • Cardano (ada) $0.558617 (+0.38%)
  • Bitcoin (btc) $23,990.00 (-0.23%)
Jul 15, 2021 (Thursday)
13:30
BTC Surges by 1.16% Within 5 Mins, Marking 31,824.01 USDT
12:06
BTC Surges by 1.12% Within 5 Mins, Marking 32,104.8 USDT
10:25
BTC Drops by 1.03% Within 5 Mins, Marking 32,171.88 USDT
02:13
TriumphX Scouts 'MINAMCOMPANY' CEO Woo-Seong Lee As Creative Director
02:00
ETH Tops List Of Crypto Net Inflow With $298.96 Mln In Past 10 Hours
Jul 14, 2021 (Wednesday)
13:14
BTC Surges by 1.03% Within 5 Mins, Marking 32,738.08 USDT
09:03
BTC Surges by 1.01% Within 5 Mins, Marking 31,899 USDT
02:30
Crypto Market Sentiment On Jul 14: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $224.97 Mln In Past 10 Hours
Jul 13, 2021 (Tuesday)
02:30
Crypto Market Sentiment On Jul 13: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $178.61 Mln In Past 10 Hours
Jul 12, 2021 (Monday)
02:30
Crypto Market Sentiment On Jul 12: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Inflow With $164.82 Mln In Past 10 Hours
Jul 11, 2021 (Sunday)
21:31
BTC Surges by 1.02% Within 5 Mins, Marking 34,475.6 USDT
10:00
ETH Tops List Of Crypto Net Inflow With $122.76 Mln In Past 18 Hours
06:17
SOBA Listed On LATOKEN
02:30
Crypto Market Sentiment On Jul 11: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Outflow With $87.56 Mln In Past 10 Hours
Jul 9, 2021 (Friday)
21:40
BTC Surges by 1.08% Within 5 Mins, Marking 33,911.8 USDT
02:30
Crypto Market Sentiment On Jul 09: Market In "Extreme Fear"
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.