MaskEX cryptocurrency exchange has received initial approval from Dubai’s Virtual Asset Regulatory Authority (VARA) to begin preparations for its launch in the United Arab Emirates (UAE).
The move represents a significant milestone for MaskEX, which has been working hard to expand its presence in the Middle East and bring the benefits of virtual assets to a wider audience.
Following the approval, MaskEX will now finalize its entity incorporation, engage banking services, hire staff for its soon-to-be-opened headquarters office in Dubai, and take the necessary steps to become the first regulated cryptocurrency exchange in the UAE.
The cryptocurrency exchange aims to obtain VARA’s highly acclaimed FMP license, enabling it to operate in and from Dubai, while ensuring regulatory compliance, customer protection, and innovation.
Eric Yang, CEO of MaskEX, said that the approval from VARA is a testament to the company’s commitment to meeting the highest regulatory standards.
He believes that their platform will provide UAE users with a safe, reliable, and efficient way to access the world of virtual assets.
MaskEX’s launch in the UAE is expected to bring significant benefits to the local economy, including the creation of new jobs and the attraction of foreign investment.
MaskEX offers a user-friendly interface and advanced trading tools, making it easy for both novice and experienced traders to navigate the crypto market.
The exchange offers 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.
Ben Caselin, Vice President and Chief Strategy Officer of MaskEX, said that the initial approval from VARA is a major milestone not just for the UAE but for the entire MENA region.
He looks forward to working closely with the regulatory authorities to ensure that their platform meets all necessary requirements and provides a secure and transparent environment for their users.
As the UAE aims to become a leader in blockchain technology and virtual assets, the launch of MaskEX will be a significant milestone in achieving these goals. The exchange’s commitment to regulatory compliance, customer protection, and innovation positions it well for success in the UAE and beyond.
Read Also: Crypto Custodian Komainu Receives MVP Licence from Dubai’s Virtual Assets Regulatory Authority