Crypto exchange FTX has secured a digital asset exchange license in Dubai under new laws adopted last week and will be setting up a local headquarters in the city. 

See related article: Crypto on the beach: FTX and other players find paradise in the Caribbean

Fast facts

  • Binance has also secured a license under the same law, Bloomberg reported, citing anonymous sources. 
  • Both exchanges will be regulated by the Dubai Virtual Asset Regulatory Authority established last week. 
  • Dubai has been aiming to become a major player in the global crypto market since last year, and the new regulations are expected to speed up the process. 
  • FTX will provide crypto-derivative products to institutional investors in Dubai. 
  • With a valuation of US$32 billion, Bahamas-based FTX has over 5 million users and its average daily trading volume stood at US$12.5 billion in 2021. 
  • The Emirate of Dubai is one of seven emirates forming the United Arab Emirates (UAE), which is the third-largest crypto market in the Middle East, according to Chainalysis’ Crypto Adoption Index 2021. 

See related article: Tomorrowland wants to bring music to Web 3.0 with FTX Europe