Crypto News: MaskEX Receives Initial Approval from VARA to Launch Regulated Cryptocurrency Exchange in UAE
Dubai’s Virtual Asset Regulatory Authority (VARA) has granted MaskEX, a cryptocurrency exchange, the initial approval needed to launch its platform in the United Arab Emirates (UAE). This marks a significant milestone for MaskEX as it paves the way for its official launch in the region.
MaskEX is diligently preparing to meet the regulatory requirements and become the UAE’s first regulated exchange. Key preparations include establishing the company as a legal entity, recruiting a skilled workforce for its headquarters, collaborating with banking services, and implementing the necessary measures to ensure compliance.
MaskEX has applied for a range of services, such as lending and borrowing, broker-dealer operations, and virtual asset management and investment. Its ultimate goal is to secure VARA’s coveted “full market product” (FMP) license, enabling it to operate seamlessly from Dubai while prioritizing regulatory compliance, customer protection, and innovation.
The primary objective of MaskEX is to provide users with secure and convenient access to digital assets. The exchange plans to offer an array of products, including savings packages, a vast selection of approximately 300 crypto pairs, highly liquid markets for perpetual contracts, and efficient fiat-to-crypto and crypto-to-fiat conversion services.
The launch of MaskEX is poised to stimulate the UAE’s economy by generating employment opportunities and attracting foreign investments. The UAE government has been actively positioning itself as a frontrunner in blockchain technology and virtual assets, making MaskEX’s entry into the market particularly timely and significant.
Expressing his enthusiasm about the approval, MaskEX CEO Eric Yang stated, “We are confident that our platform will provide users in the UAE with a safe, reliable, and efficient gateway to the world of virtual assets. We are committed to launching as soon as possible, while strictly adhering to VARA’s stringent requirements.”
MaskEX’s Vice President and Chief Strategy Officer, Ben Caselin, emphasized the importance of this initial approval, not only for the UAE but for the entire Middle East and North Africa (MENA) region. He reiterated the company’s dedication to closely collaborating with regulatory authorities to ensure full compliance with all necessary standards.
Boasting a user base exceeding one million, MaskEX aims to foster the widespread adoption of digital assets and cultivate an inclusive economy for smart cities and their residents. With its user-friendly interface and advanced trading tools, the exchange seeks to create a more accessible and user-centric crypto market environment within the UAE.
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