FTX Europe Receives United Arab Emirates Operating and Clearing Platform License to Provide Derivatives Services to Institutions

FTX announced on the 15th that its Greater Middle East (MENA) and European subsidiary FTX Europe has obtained the United Arab Emirates (UAE) virtual asset (Virtual Assets, VA) trading and clearing platform license, and set up a regional headquarters in Dubai .

The license was issued by the Dubai regulatory agency. After being approved, FTX Europe became the first fully regulated virtual asset trading platform in Dubai. Jurisdictions provide institutional investors with encrypted derivatives with complex structures.

FTX Founder and CEO Sam Bankman-Fried said:

“FTX is proud to be The first trading platform to obtain a UAE regulatory license. After obtaining the license, we can launch complex structured derivatives with centralized transactions to the institutional market.

Obtaining the license also means that we are in the leading position in the competition for global regulatory licenses The leading position, of course, must continue to promote our mission. We hope to continue to promote the development of the encryption industry in more countries with regulatory frameworks, operate with the highest standards in terms of security, risk management, investor protection, etc., and lead the industry forward. "

Dubai, as a financial hub in the Middle East, is the only global economy with an independent regulatory environment. Its newly established Virtual Assets Regulatory Authority (VARA) is subject to international regulations frame constraints. After FTX Europe is licensed, it can operate the derivatives market in Dubai's "test environment". Under the supervision of VARA, the trading market established by FTX Europe has strict regulatory standards, similar to the international FATF standards.

As the first encryption derivatives trading and clearing service provider in Dubai, FTX will work with Dubai’s regulators to formulate global operating standards to promote the development of the encryption industry so that the industry can There are regulatory standards to execute cross-border transactions.

FTX Europe Head Patrick Gruhn added:

“FTX builds on this unique Becoming the first regulated trading platform is a great achievement for us and expands our market in the MENA region." 

Dubai is A well-respected international jurisdiction for Tier 1 financial institutions, with active capital markets and regulations that adhere to the same stringent compliance standards as some of the world's largest economies. This allows FTX to become the first Virtual Asset Service Provider (VASP) to enter the global market in a fully regulated manner.

Helal Saeed Almarri, Director General of the VARA Authority, concluded:

“Dubai will bring the virtual asset industry As an accelerator of the future global economy, VARA was established to promote cooperation and innovation with encrypted companies. Our new framework is the world's first "participatory governance model", where industry innovators and policymakers share responsibilities to achieve greater A democratic, borderless new economy. We only choose to cooperate with the most trusted companies in the world. Under this premise, we have given FTX regulatory permission. "

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