Dubai’s regulator, VARA, clears MaskEX to launch in UAE
Dubai’s Virtual Asset Regulatory Authority (VARA) has granted initial approval to MaskEX, for the platform’s launch in the United Arab Emirates (UAE).
A milestone for MaskEX
The approval is a milestone for MaskEX, a cryptocurrency exchange, allowing the ramp to prepare for launch.
The preparation involves incorporating its entity, hiring staff for its headquarters, engaging banking services, and taking necessary measures to become the first regulated exchange in the UAE.
MaskEX has applied to provide services such as lending and borrowing, broker-dealer, and virtual asset management and investment, and it aims to obtain VARA’s “full market product” (FMP) license. This approval allows it to operate in and from Dubai while holding its commitments to regulatory compliance, customer protection, and innovation.
The exchange aims to provide easy and secure access to digital assets. It offers several products, including savings packages, roughly 300 crypto pairs, deeply liquid markets for perpetual contracts, and efficient on- and off-ramp products to help users convert fiat currency to digital assets, and vice versa.
The launch of MaskEX could benefit the UAE’s economy, creating new jobs and attracting foreign investment. UAE aims to become a leader in blockchain technology and virtual assets.
MaskEX CEO, Eric Yang, commented on this approval, saying:
“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.”
MaskEX wants to build an inclusive economy
Ben Caselin, the vice president and chief strategy officer of MaskEX, emphasized the significance of the initial approval saying:
“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. We look forward to working closely with the regulatory authorities to ensure that our platform meets all requirements”
With over one million users, MaskEX promotes the adoption of digital assets and building of a more inclusive economy for all smart cities and their citizens.
The platform’s interface and trading tools make it easy for traders to navigate the crypto market, developing a more inclusive environment in the UAE.
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