Cryptocurrency exchange FTX said today that it has received full approval to operate exchange and clearing offices in Dubai as the Gulf emirate pushes ahead with plans to develop its digital asset sector.
The Bahamas-based company said it will start by offering regulated cryptocurrency derivatives products and trading services to institutional investors in Dubai, and will also operate a nfts marketplace.
“Our licence is being extended to retail clients, however, it will be a gradual escalation to ensure we reach the retail market within the guidelines set by the Virtual Assets Regulatory Authority (Dubai’s sector regulator),” Balsam Danhach, managing director of FTX Middle East and North Africa, told Reuters.
He said the services would be offered by FTX Exchange FZE, a subsidiary of FTX’s Europe and Middle East division.
The United Arab Emirates is on a mission to become a hub for the digital assets sector, even as regulators elsewhere note concerns about the technology.
Dubai also granted Binance a license to conduct some operations in the region, after which the crypto exchange increased recruitment in the city.
FTX first received a partial license from Dubai in March when it said it would set up a regional headquarters in the city.
Danhach did not clarify whether FTX had plans to expand and seek licences elsewhere in the Gulf.
In recent months, FTX has invested in troubled crypto firms suffering from the pressure of plummeting currencies.
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