MaskEX, a Dubai-based next-generation cryptocurrency exchange, said on Wednesday it has received initial approval from Dubai’s Virtual Asset Regulatory Authority (VARA) for launching operations in the UAE.
The company said the VARA approval represents a major milestone to expand its presence in the Middle East and bring the benefits of virtual assets to a wider audience.
“With the initial approval from VARA, MaskEX will begin finalizing its entity incorporation, engage banking services, hire more staff in Dubai for its soon-to-be-opened headquarters office, and take the necessary steps to become the first regulated exchange in the UAE,” the company said in a statement.
The exchange will offer a comprehensive range of products, including savings packages, deeply liquid markets across a wide range of trading pairs, and efficient on- and off-ramp products to help users easily convert fiat currency to digital assets and vice versa.
MaskEX said it has applied for VARA’s FMP license for activities such as lending and borrowing, broker-dealer, and virtual asset management and investment services.
“The initial approval from VARA is a testament to our commitment to meeting the highest regulatory standards,” said Eric Yang, CEO of MaskEX.
“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,” he said.
The launch of MaskEX operations in the UAE is expected to bring significant benefits to the local economy, including the creation of new jobs, besides attracting foreign investment, at a time when the UAE is making efforts to become a leader in blockchain technology and virtual assets.
MaskEX currently operates in the CIS and Southeast Asia regions, and claims to have over a million subscribers worldwide.
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