- FTX CEO, Sam Bankman-Fried announced that FTX gains approval to operate in Dubai.
- FZE, a subsidiary of FTX received the license under VARA’s MVP program in July.
- SBF adds that the regulatory framework protects customers and allows for innovation.
The Bahamas-based crypto exchange FTX’s CEO, Sam Bankman-Fried (SBF) recently shared a tweet saying that FTX has gained regulatory approval to operate in Dubai and expressed his excitement about following the regulatory framework that protects customers, through a tweet.
FTX is excited to be regulated in Dubai by VARA! We're excited to expand out our presence in the city, and to work with regulators who have taken the lead in establishing a regulatory framework for digital assets, protecting customers and allowing for innovation.— SBF (@SBF_FTX) October 17, 2022
FTX Exchange, FZE, FTX’s subsidiary, received the license to operate in Dubai earlier in July. FZE received its operating license under Dubai Virtual Assets Regulatory Authority’s (VARA) MVP program, which aims to ensure that Dubai’s growth is secure and sustainable.
For the uninitiated, the law for regulating virtual assets in Dubai was issued on February 2022 by the Vice President and Prime Minister of the UAE, His Highness Sheikh Mohammed bin Rashid Al Maktoum. VARA was established on 11th March 2022 as a result of the law.
The authority oversees the virtual asset sector throughout the emirate, including special development zones and free zones, except for the Dubai International Financial Center. The UAE intends to establish itself as a global player in the virtual asset sector through VARA, As per the Dubai Securities, and Exchange Higher Committee’s strategy.
VARA establishes guidelines on acceptable audience segments, as well as content obligations for virtual asset-related communications. The promotions conducted by entities utilizing Dubai-based media sites, search engines, and publishing channels that explicitly target consumers within the Dubai market are supervised by the authority.
Contextually, the UAE has been accelerating its crypto adoption in recent months. With the launch of the Dubai Metaverse Strategy earlier this year, the emirates went further on its innovation bet. As an ecosystem that combines capital, technology, and talent, Dubai follows VARA’s regulatory measures to thrive in the digital sphere.
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