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FTX to be the First to Receive a Virtual Asset Exchange (VAX) License in Dubai – Blockchain News, Opinion, TV and Jobs

Major world cryptocurrency alternate FTX is receiving a digital asset alternate (VAX) license in Dubai, and is increasing its operations in the United Arab Emirates.

The VAX license is granted beneath a new cryptocurrency legislation and was issued by Sheikh Al Maktoum, creating a authorized framework for crypto in the Emirate of Dubai, aimed toward defending buyers and “designing much-warranted international standards” for trade governance.

The license permits FTX to function inside Dubai‘s crypto market mannequin, which operates in compliance with world requirements.

FTX founder and CEO Sam Bankman-Fried stated that FTX had obtained the digital alternate license from Dubai. “Really excited to receive the first (and so far only) digial asset exchange license from Dubai!” Bankman-Fried tweeted. The firm says it’s now planning to set up a regional headquarters in Dubai’s primary metropolis.

According to Bloomberg, Binance can even get a crypto license in Dubai beneath the identical program, however it appears FTX beat the firm to it. Apparently the United Arab Emirates is seeking to appeal to a few of the world’s largest crypto and fintech corporations.

FTX lately reached $32 billion valuation after elevating $400 million in a Series C spherical introduced in January. The firm has solely been based three years in the past, however has already change into one in all the world’s largest crypto exchanges, in half by their advertising and marketing marketing campaign throughout the Super Bowl.

Just like Binance, FTX’s European and Middle Eastern division FTX Europe was additionally amongst the first to be part of a new crypto hub, in the Dubai World Trade Centre, to create a specialised zone for digital property – together with digital property, merchandise, operators and exchanges.

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