FTX crypto exchange is expanding its business operations into the United Arab Emirates (UAE) after receiving a license to operate virtual assets in Dubai. However, FTX getting the license appears to have been made possible by the crypto law that was just adopted in Dubai last week.
Speaking about the license, founder and CEO of FTX, Sam Bankman-Fried (SBF) claims that FTX has the “first and so far only” digital exchange license from Dubai. Although, according to a Bloomberg report, Binance was also working to receive a similar operational license from Dubai last week.
FTX Crypto Exchange To Build An Headqurter In Dubai
Meanwhile, as part of its efforts in establishing a strong foothold in the UAE, FTX is looking to build a regional headquarter in the city of Dubai. And according to SBF, it will also be offering crypto derivatives products to institutional investors.
Recall that towards the tail end of 2021, the Dubai World Trade Centre Authority established a new crypto hub. And as earlier reported, Binance was one of the first crypto exchanges to join the hub. But FTX Europe — the European and Middle Eastern division of FTX, is also among the pioneers. Thus, making the hub established by the Dubai World Trade Centre, a regulator of cryptocurrencies, products and operators in December 2021.
Without a doubt, the UAE is one of the most crypto-friendly countries in the world. In fact, its receptiveness of crypto can be seen in the efforts of its authorities, specifically in its capital city of Dubai, to bolster the crypto industry’s development. Last year, UAE regulators came up with different initiatives to allow crypto-trading in several free economic zones in Dubai.
And just like FTX Europe head Patrick Gruhn says;
The certainty and credibility that Dubai assures in its adherence to these commitments allows FTX to safely pursue its overall strategy of scaling towards becoming the first virtual-asset service provider to enter global markets in a fully regulated manner.