Popular cryptocurrency exchange FTX announced the launch of its operations in the United Arab Emirates (UAE) on Oct. 31. As a result, the company emerged as the first to attain a license and the first cryptocurrency exchange to launch its services in the UAE.
As stated earlier in a press release, the firm can now offer crypto derivatives, products and trading services, a nonfungible token marketplace, and custodial services to institutional investors in Dubai. FTX Exchange FZE, a subsidiary of FTX’s Europe and Middle East division, will provide the services.
For FTX, the expansion will aid it in gaining more ground in markets outside the United States and Europe, as the cryptocurrency exchange has been pushing towards gaining global prominence.
Efforts Toward Global Adoption of Cryptocurrency
In recent years, cryptocurrency exchanges have sought opportunities in emerging markets, like the Middle East, which have become a center of crypto innovation.
In its effort to establish itself as a force to reckon with in the Middle East, FTX gained approval to venture into Dubai’s “Minimum Viable Product” (MVP) program for the virtual assets regime in July. The program falls under the jurisdiction of the Virtual Asset Regulatory Authority of Dubai (VARA).
Further, on different occasions, the CEO of FTX, Sam Bankman-Fried (SBF), has emphasized his commitment toward the global adoption of cryptocurrency exchange.
“Our mission is to lead the way in growing the digital asset industry in countries and jurisdictions that possess a robust digital asset framework,” SBF said. The Bahamas-based exchange also launched the European domain of its platform in Cyprus in March. This will allow the FTX to offer products and services in the European Union through an unidentified investment company.
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