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Major global crypto exchange FTX is expanding operations in the United Arab Emirates by receiving a Dubai virtual asset exchange (VAX) license.

The license is granted under a new cryptocurrency law adopted last week in Dubai. Dubai Virtual Asset Regulatory Authority (VARA) became a major crypto regulator in the Emirate’s special development and free zones.

The VAX license allows FTX to operate within Dubai’s crypto market model, which operates in compliance with global standards established by major regulators like the Financial Action Task Force.

FTX Europe, the newly established European unit of crypto exchange FTX, became the first crypto company to be licensed to operate a crypto exchange and trading house in Dubai.

The Ruler of the Emirate of Dubai Sheikh Mohammed bin Rashid Al Maktoum tweeted that the independent authority would “oversee the development of the best business environment in the world for virtual assets in terms of regulation, licensing, governance, and alignment; with local and global financial systems.”

Sam Bankman-Fried FTX founder and CEO said FTX had received Dubai’s “first and so far only “digital exchange license. ” The global crypto FTX is proud to be the first licensee under Dubai’s prudential supervision regime,”

According to Bloomberg, Binance has also obtained a crypto license in Dubai through the same program. Last week, the world’s largest cryptocurrency exchange by trading volume was reportedly working to obtain an operating license in Dubai.

By Abraham Aroloye