Breaking: FTX Becomes First Crypto Exchange To Bag “MVP License” In Dubai
FTX has become the first crypto exchange to bag the “Minimum Viable Product” license from Dubai’s Virtual Assets Regulatory Authority.FZE which is a subsidiary of FTX exchange in Europe and the Middle East will offer institutional investors crypto derivatives products and trading services. Additionally it will also offer an NFT marketplace as well as custodial services.
This information was made public via a press release dated July 29, 2022 which stated that FTX’s subsidiary FTX Exchange FZE has obtained to enter the “Minimum Viable Product” (MVP) program. The program is run by the Dubai’s Virtual Asset Regulatory Authority (VARA). Dubai became a favored spot especially after the Gulf State announced that it plans to create a virtual asset hub and in March FTX obtained permission to start and build its headquarters in Dubai.
The MVP License approval will enable the FTX exchange to offer regulated cryptocurrency and its allied products and trading to big investors as well as operating a NFT marketplace. MVP License will enable it to also dispense custodial services to select group of clients.
MVP License Approval Groundbreaking Event
The MVP License approval has been hailed by FTX CEO Sam Bankman-Fried as an epoch event. Additionally the FTX FZE Exchange will work under the provisions of the strict FATF rules and will provide its services under its regulatory oversight.
Mohammad Hans Dastmaltchi, chairman of the board of FTX Exchange FZE, said: “This would not have been possible without the progressive business environment in Dubai, the thorough and trustworthy regulatory guidelines provided by VARA, and the outstanding support from their team.”
DG of Dubai World Trade Centre Authority, Helal Saeed Almarri feels that the MVP phase will allow only dependable global players like FTX to operate. MVP Phase will also assist VARA formulate guidelines and also alleviate risks for secure commercial operations and technological innovation.