CRYPTO NEWS: VARA DUBAI GRANTS FTX REGULATORY CLEARANCE.

VARA DUBAI GRANTS FTX REGULATORY CLEARANCE. THE CEO OF A CRYPTOCURRENCY EXCHANGE IN THE BAHAMAS NAMED FTX, SAM BANKMAN-FRIED, RECENTLY TWEETED THAT THE EXCHANGE HAS BEEN GIVEN THE GO-AHEAD TO OPERATE IN DUBAI. HE ALSO TWEETED HIS JOY AT ADHERING TO THE LEGAL FRAMEWORK THAT SAFEGUARDS CLIENTS.

OVERVIEW OF VARA DUBAI GRANTS FTX REGULATORY CLEARANCE:

VARA DUBAI GRANTS FTX REGULATORY CLEARANCE
VARA DUBAI GRANTS FTX REGULATORY CLEARANCE

DUBAI HAS GROWN INTO A SIGNIFICANT HUB FOR THE BITCOIN BUSINESS IN RECENT YEARS. NUMEROUS ORGANIZATIONS HAVE BEEN ACTIVE IN THE GULF REGION IN RECENT YEARS, ESTABLISHING BASES OF OPERATIONS AND EXPANDING THEIR DOMAINS OF INFLUENCE.

IN LONDON-BASED BLOCKCHAIN.COM’S CASE, A MONTH AGO THE COMPANY RECEIVED A TEMPORARY PERMIT TO CONDUCT BUSINESS IN DUBAI.

THE FACT THAT THE CRYPTOCURRENCY INDUSTRY AS A WHOLE RAISED $25 BILLION LAST YEAR, IN THE OPINION OF MANY, WILL BE A DRIVING FACTOR IN THE INDUSTRY’S FUTURE GROWTH.

MOHAMMAD HANS DASTMALTCHI, THE CHAIRMAN OF FTX EXCHANGE, IS CONTACTING INSTITUTIONAL INVESTORS AS PART OF THE STRATEGY THE COMPANY IS PUTTING INTO PLACE FOR ITS DEBUT PHASE IN THE UNITED ARAB EMIRATES AND THE REST OF THE MIDDLE EAST AREA.

LARGE INSTITUTIONAL ORGANISATIONS IN THE EMIRATES REPORTEDLY APPROACHED DASTMALTCHI AS SOON AS THEY DECLARED THAT THEY WERE REGULATED AND WERE OPENING AN OFFICE THERE.

THE AIRLINE INDUSTRY, THE HOSPITALITY SECTOR, THE FINANCIAL BUSINESS, AND THE REAL ESTATE INDUSTRY ARE JUST A FEW OF THE VARIOUS INDUSTRIES FROM WHICH THESE ORGANIZATIONS HAVE SPRUNG.

THE MEANING OF THE LICENSE:

AUTHORITIES IN DUBAI HAVE DOUBLE-CHECKED THAT ALL RELEVANT RULES AND REGULATIONS HAVE BEEN FOLLOWED BEFORE GIVING COMPANY LICENCES. THE VIRTUAL ASSET REGULATORY AUTHORITY [VARA] HAS JUST RECENTLY ESTABLISHED GUIDELINES FOR MARKETING AND PROMOTING CRYPTOASSETS IN AN EFFORT TO CREATE A REGULATORY FRAMEWORK THAT ENSURES SECURITY WITHOUT IMPEDING INNOVATION AND ECONOMIC POTENTIAL.

VARA DUBAI GRANTS FTX REGULATORY CLEARANCE

THE RETAIL BUSINESS WILL UNDOUBTEDLY BE CONSIDERABLE, BUT FTX WILL BE ABLE TO MAINTAIN ITS SYSTEMS, ENSURE THE HIGHEST STANDARDS OF SECURITY AND TRANSPARENCY, AND PROVIDE THE BEST VALUE AND USER EXPERIENCE BY PRIORITISING INSTITUTIONAL INVESTORS.

INSTITUTIONAL INVESTORS WITH A STRONG COMMITMENT TO COMPLIANCE MAY NOW THINK ABOUT INVESTING IN DIGITAL ASSETS GENERALLY AS A RESULT OF THE GOOD WORK DONE BY DUBAI AND THE UAE IN DEVELOPING THE REGULATORY ENVIRONMENT.

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