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.
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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.
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