The license will allow FTX to extend services in the MENA region
FTX Exchange FZE, a subsidiary of FTX Europe and the Middle East division of FTX, has secured Dubai’s first Virtual Asset Service Provider MVP licence.
The exchange has been granted an approval to enter Dubai’s “Minimal Viable Product” (MVP) program in the sector operated by the Virtual Asset Regulatory Authority (VARA).
It became the first Virtual Asset Service Provider (VASP) to receive the MVP licence to operate a Virtual Asset Exchange and Clearing House services in Dubai.
In March, FTX received a provisional license at the time when the regulatory agency, VARA, was created.
This approval allows FTX to offer its innovative services, including industry-leading derivatives, options and volatility products, tokenized stocks, and other services and products.
“Our license expands to retail customers as well, however, it will be a gradual scale up to ensure that we approach the retail market within the guidelines set by the Virtual Assets Regulatory Authority,” Balsam Danhach, chief executive officer of FTX Middle East and North Africa, told Reuters.
Earlier this year, provisional approvals were also secured by Binance, OKX and Huobi.