According to the company's announcement today, crypto exchange FTX has been given permission to run an exchange and clearing house services in Dubai, United Arab Emirates.
A subsidiary of FTX Europe, FTX Exchange FZE, was granted permission to participate in Dubai's Minimum Viable Product (MVP) initiative for virtual assets.
The Virtual Asset Regulatory Authority (VARA), which Dubai established in March of this year to manage virtual asset regulation as it aspires to become a center for the digital economy, is the source of the license.
It is a subsidiary of the Dubai World Trade Center and controls all aspects of the cryptocurrency industry, from custodians to asset managers.
H.E. Helal Saeed Almarri, Director General of Dubai World Trade Centre Authority 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."
According to the release, FTX is the first virtual asset service provider to be granted a license.
It makes it possible for FTX to run its exchange and clearing house operations, providing qualified institutional investors in the area with crypto derivatives products and trading services.
It also includes authorization to run its custody services and non-fungible token marketplace.
After receiving a partial license in March, FTX said that it intended to establish a regional headquarters in Dubai. Exchange Binance has also been making its way through the legal system; in April of this year, VARA granted it a restricted license.