Bahamas-based cryptocurrency exchange FTX announced today that it has received regulatory approval to operate in Dubai. FTX Exchange FZE, a subsidiary of FTX in the Middle East, can now conduct virtual asset exchange services in the Dubai program under the UAE Virtual Asset Regulatory Authority, FTX said in a press release.
Because matter: The UAE launched the Virtual Asset Regulatory Authority in March to regulate the relatively new cryptocurrency industry. Some cryptocurrency professionals, such as CoinMENA boss Talal Tabbaa, have attributed the framework for attracting cryptocurrency companies in the Gulf state. In fact, Bybit and Crypto.com announced the move to Dubai the same month that the authority took effect. Kraken therefore decided to open an office in Abu Dhabi in April.
Learn more: Cryptocurrency ownership is relatively popular in the UAE and may continue to grow. Last week, Dubai-based online bank RAKBANK announced plans to allow people in the UAE to trade cryptocurrencies in Emirati dirhams, as opposed to US dollars.
