MaskEX crypto exchange has received preliminary authorization from Dubai’s Virtual Asset Regulatory Authority (VARA) to begin preparing for its debut in the United Arab Emirates (UAE).
This approval marks a significant milestone for MaskEX in expanding its footprint in the Middle East and bringing the benefits of virtual assets to a larger audience.
In order to become the first regulated exchange in the UAE, MaskEX needs VARA’s preliminary permission before it can complete entity formation, secure banking services, expand its team in Dubai, and open its headquarters.
The exchange has requested permission to engage in exchanging, lending, borrowing, acting as a broker, and managing and investing in virtual assets, with the goal of qualifying for VARA’s prestigious FMP license.
MaskEX is committed to regulatory compliance, client safety, and innovative business practices, and with the FMP license, it will continue to operate in and from Dubai. Eric Yang, CEO of MaskEX, expressed his gratitude and commitment to meeting the highest regulatory standards in a statement.