Cryptocurrency exchange MaskEx has set its eyes on the United Arabs Emirates (UAE) market after receiving preliminary clearance from Dubai’s Virtual Asset Regulatory Authority (VARA). The introduction of MaskEX in the UAE is expected to have far-reaching effects on the economy there, including the creation of new employment opportunities and the attraction of new international investments.
Why a UAE license is a big deal
Now that they have received preliminary clearance from VARA, MaskEX can move forward with becoming the first regulated exchange in the UAE. This includes finalising the incorporation of the company, securing banking services, and expanding the team in Dubai for the opening of the headquarters.
With the goal of qualifying for VARA’s prestigious FMP licence, MaskEX has asked for approval to engage in the business of exchanging, lending, borrowing, acting as a broker, and managing and investing in virtual assets. With this licence, MaskEX may continue its operations in Dubai while protecting its customers and pioneering new ways of doing business.
The exchange provides a full suite of services, allowing customers to easily transfer fiat currency to digital assets and vice versa through savings packages, deeply liquid markets across a broad spectrum of trading pairs, and effective on- and off-ramp products.
MaskEX has been working relentlessly to increase its footprint in the Middle East and introduce more people to the advantages of virtual assets.
“The initial approval from VARA is a major milestone for us, and is of great significance not just for the UAE but for the entire MENA region,” said Ben Caselin, Vice President and Chief Strategy Officer of MaskEX.
With a rapidly expanding user base of over a million users worldwide, MaskEX facilitates trading in the cryptocurrency market with an intuitive UI and cutting-edge trading tools. The decision by MaskEX to set up shop in the UAE was a calculated move. The UAE has signaled its intention to be the leading destination for blockchain and digital assets enterprises in the Middle East and North Africa region by prioritizing digital transformation.