FTX (cryptocurrency exchange) announced on Friday that it is about to open a clearing house & exchange in Dubai. This news comes after the Gulf Emirate's plan to push the development of digital assets in the country.
FTX, which is based in the Bahamas, plans to offer crypto products and different trading services in Dubai. However, most of the company's services will be for institutional investors.
The company also plans to operate a marketplace for non-fungible tokens (NFTs) and plans to provide the custodial services as well.
According to FTX, their license allows them to deal with retail customers, but they are yet ready to offer services at such a level. They want to slowly but securely scale their approach to ensure that it is in line with Dubai's regulations.
The services provided in Dubai will be done through the FZE, which is also an exchange and a subsidiary operated by FTX. The FZE is made to serve clients in the Middle East and European countries.
It has been years since the UAE has been trying to become a centrepiece for the crypto companies and the virtual asset sector. However, the regulatory pressure is increasing in the rest of the world for crypto firms.
Earlier, Dubai also offered a license to the crypto exchange Binance. This license will allow the company to offer its services in the region - That's why the crypto exchange has also started its hiring drive in the city.
After getting its partial license from the country, FTX now plans to make this city its regional headquarters.
When asked about applying for more licenses in the Gulf region, the company didn't make any elaborate comments.
In the last few months, the company FTX is also helping the crypto firms which are struggling financially. After the company starts its operations in Dubai, it will be a good thing for the crypto industry and even the crypto firms as a whole.