Are you looking for an innovative way to trade cryptocurrency? FTX, a regulated crypto exchange, is set to revolutionize the world of cryptocurrency trading.
With its newly-gained license and plans for a regional headquarters in Dubai, FTX is positioned to be the go-to platform for secure, advanced trading.
The global crypto exchange FTX has been granted a five-year warranty by the Dubai Financial Services Authority (DFSA) as part of its regional expansion plans. Following this, it will establish its regional headquarters in the city-state and plans to launch its cryptocurrency trading platform in the region shortly.
FTX is a global cryptocurrency exchange that offers margin trading, futures contracts trading and over-the-counter (OTC) services for tokenized assets. This new license makes FTX the first international crypto asset spot exchange with a DFSA license, allowing it to offer services such as institutional crypto custody and brokerage to clients in the region.
To ensure high governance and compliance standards, FTX has appointed financial expert Cherian Samuel Shallo as Chief Compliance Officer designated in charge of overseeing operations within UAE jurisdiction. This will help ensure smooth transition into full regulation at a time when institutional investors are pushing towards greater transparency in trading platforms used for digital assets.
Overview of FTX
FTX is a crypto exchange founded in 2018 by Sam Bankman-Fried, CEO of cryptocurrency derivatives exchange Alameda Research. Headquartered in the Cayman Islands, FTX was created to provide users with enhanced trading capabilities. It specializes in derivatives and tokens that track global indices such as NASDAQ or Bitcoin and leveraged tokens and futures. The company has also developed its token called FTT, a virtual currency pegged to the US dollar.
FTX has received licenses from regulators in several countries including Liechtenstein, Singapore and Bermuda. The company recently won a license to operate an exchange and provide crypto-asset related services in Dubai’s multi-asset global financial center. FTX plans to establish a regional headquarters for its MENA activities in DIFC (the Dubai International Financial Centre).
The company plans to launch custodial services for digital assets through local partners following the successful completion of negotiations with the DMCC (the Dubai Multi Commodities Centre), enabling customers to hold and deposit assets securely on FTX’s platform. In addition to this, FTX provides listing services for STOs (Security Token Offerings) and STACs (Security Token Absolute Return Certificates).
FTX has achieved a major milestone in its global expansion plans by securing a license from the Dubai Financial Services Authority (DFSA). This license will allow FTX to operate its business in the Middle East and North Africa (MENA) region. The exchange has also announced that it will set up a regional office in Dubai – its first of many planned operations across the globe.
An integral part of FTX’s global growth is ensuring compliance with legislators, regulators and authorities is strictly adhered to. The newly granted DFSA’s license ensures that FTX meets these requirements and permits it to operate as a regulated crypto exchange within the MENA region. Licensed by one of the world’s top financial hubs, FTX looks forward to building trust amongst users based out of MENA through this recognition.
This also enables FTX customers from Dubai and other GCC countries access to its crypto derivative products, including futures trading permutations along with spot pairs, options trading and leveraged tokens on select currencies. Going forward, FW plans on continuing with its current path of partnering closely with industry players such as banks and authorities around MENA to better serve customer demand.
Benefits of FTX’s License
FTX has become the first crypto derivatives trading platform to be awarded a license by the Dubai Multi Commodities Centre (DMCC). With this achievement, FTX can now provide clients in the UAE and the wider Gulf region with easy access to its secure and reliable derivatives trading products and services. This development is expected to bring several benefits to FTX clients, as well as individuals across the globe.
The license issuance grants FTX legal status according to DMCC regulations and allows it to conduct business activities within Dubai’s free zone. In addition, the platform can now establish a regional headquarters in Dubai, giving it greater access to Middle Eastern investments, capital flows, new markets and a sizable group of potential investors.
This expansion could potentially open up more opportunities for UAE based investors who are looking for exposure to digital assets. Additionally, businesses within Dubai’s free trade zone will now have greater scope for leveraging FTX’s services to create derivatives based on digital assets such as Bitcoin. Finally, this could also lead for more kinds of cryptocurrencies being adopted by businesses in the Middle East region.
Crypto Exchange FTX Wins License, Plans Regional HQ in Dubai
FTX, a leading provider of cryptocurrency derivatives trading services and solutions, has announced that it has been awarded a Distributed Ledger Technology (DLT) license by the Dubai Financial Services Authority (DFSA). Following the approval, FTX is set to establish an on-ground presence in Dubai and become the region’s first regulated crypto derivatives trading company.
The DFSA’s DLT license will enable FTX to operate its product range of futures, options and perpetual swaps in Dubai. The company is also looking to add spot markets to its platform to offer local users access to global liquid crypto asset markets.
With its regional headquarters in Dubai, FTX plans to provide regional investors with better access and support for their crypto investment needs and enhanced security through its deep liquidity pools. The firm also aims to promote blockchain technology within the region by actively partnering with other local institutions and authorities.
Additionally, FTX will cooperate closely with regulators and provide local compliance support for Middle East traders. This includes introducing regional currencies such as AED into its digital wallet core infrastructure and personalizedized client services focusing on onboarding new customers through regionally tailored incentives and activities.
Advantages of Setting Up Regional HQ in Dubai
Setting up a regional headquarters in Dubai has become an increasingly attractive option for companies looking to expand their Middle East and North Africa footprint. As a major travel and business-friendly hub, Dubai offers plenty of benefits to companies that set up operations within the city.
First, Dubai provides access to some of the most developed transport infrastructure in the world. This enables easy access to local markets and neighboring countries, making it ideal for companies taking advantage of national and international opportunities. In addition, Dubai is one of the most popular tourist destinations in the region, providing multinationals with ample opportunity for growth.
Furthermore, there are attractive tax incentives for setting up shop in Dubai. For example, companies outside of Dubai are only subject to taxation on profits from within the city limits. Additionally, most enterprises can benefit from an exemption on corporate taxes—up to 100 percent! Other incentives include:
- Free import duties on all equipment imported into the Emirate Duty Free Zone.
- Zero percent personal income taxes.
- Reduced customs duties.
- Relaxed visa requirements for skilled personnel from around the world.
Finally, taking advantage of Dubai’s position as a global financial center also offers numerous advantages for corporate entities as sophisticated banking products such as credit facilities are accessible here with less stringent criteria than generally required elsewhere. This makes it easier for businesses to manage their cash flow without paying unreasonable rates or fees on things like obtaining loans or issuing securities. All this adds up to create an unbeatable combination: A desirable location with easy access and competitive taxes that encourage businesses worldwide to start or expand operations here— giving Crypto Exchange FTX an excellent opportunity to use broaden their reach across regional markets.
FTX’s Plans for the Future
FTX, a cryptocurrency exchange focused on futures and options, was granted a license by the Dubai Financial Services Authority this week. The platform also announced its plans to open a regional headquarters in the city.
The regional office will be located in the prestigious Dubai International Financial Center and FTX hopes to take advantage of the center’s infrastructure and light-footed regulation system. FTX has clarified that it intends to invest heavily in recruiting local talent for product development, customer service and compliance positions.
FTX strives for excellence in customer experience and emphasizes security, reliability and convenience throughout its products. In line with its mission of global access to crypto – from institutional investors to retail traders – FTX has become one of the more popular crypto trading platforms in Dubai and beyond.
Beyond its presence in Dubai, FTX also works with developers worldwide such as Blockstream CSO Samson Mow who provides insights on future products or anticipated trends on social media platforms such as Twitter and Reddit depending on the needs of its traders.
FTX is actively pursuing different strategies to further develop its presence within new markets while expanding its services across regions of North America, Europe, and additional Asian markets like South Korea where they have recently begun offering zero-trading fee transactions with Korean Won (KRW).
In conclusion, the licensing of FTX by Dubai’s DMCC is a clear sign of the rapid growth of cryptocurrency markets in the Middle East. The global firm has signaled its commitment to helping establish a secure regional trading infrastructure. As it expands, FTX is poised to become one of the leading crypto exchanges in the Middle East. Its regional headquarters and license from DMCC will help propel its presence and reputation further as it seeks to become one of the region’s most trusted and reliable trading platforms.
tags = Crypto Exchange, FTX, Regional HQ in Dubai, cryptocurrency exchange, Dubai World Trade Centre, ftx europe hq switzerland cyprusnicollebloomberg, complex crypto-derivatives products