Next-generation cryptocurrency exchange MaskEX has announced that it has acquired preliminary authorization from Dubai’s Virtual Asset Regulatory Authority (VARA) to begin preparing for its debut in the United Arab Emirates (UAE).
The clearance signifies a significant step forward for MaskEX in its efforts to extend its footprint in the Middle East and provide the advantages of virtual assets to a larger audience, according to the most recent information provided to Finbold on May 9.
In order to become the first regulated exchange in the UAE, the exchange created in 2021 needs VARA’s preliminary permission before it can complete entity formation, secure banking services, expand its team in Dubai, and open its headquarters.
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With the goal of qualifying for VARA’s prestigious FMP license, MaskEX has asked for permission to engage in the business of exchanging, lending, borrowing, acting as a broker, and managing and investing in virtual assets.
MaskEX to operate in and from Dubai
With this license, MaskEX will be able to continue its dedication to regulatory compliance, client safety, and innovative business practices while operating in and from Dubai.
Eric Yang, CEO of MaskEX, stated:
“We are extremely proud and grateful to have received initial approval from VARA, which is a testament to our commitment to meeting the highest regulatory standards.”
He added:
“We believe that our platform will provide users in the UAE with a safe, reliable, and efficient way to access the world of virtual assets, and we look forward to launching as soon as possible, while strictly adhering to the requirements laid out by VARA.”
New employment and increased foreign investment are only two of the numerous beneficial effects anticipated from the introduction of MaskEX in the UAE.
The launch of MaskEX will be a significant step toward attaining these aims as the UAE takes the lead in the region by emphasizing digital transformation and striving to become a pioneer in blockchain technology and cryptocurrencies.
