Crypto.com has secured a temporary license in Dubai, and FTX has launched in Japan, in an effort to increase its market share value.
With Crypto.com gaining a temporary crypto license in Dubai and FTX starting in Japan, two of the top ten largest cryptocurrency exchanges by volume will expand into new regions.
The Dubai Virtual Assets Regulatory Authority (VARA) granted Crypto.com provisional approval of its Virtual Asset License on June 2, giving the exchange the green light based on preliminary compliance tests.
VARA will do more due diligence and meet other mandatory standards before receiving its complete operating license, which it expects to be granted in the “near future,” according to the exchange.
After the UAE implemented new crypto legislation and established VARA with the purpose of making Dubai a worldwide hub for crypto, Crypto.com announced in March that it will open a regional office in the UAE’s largest city.
Dr Thani Al Zeyoudi, the UAE’s Minister of State for Foreign Trade, stated in the announcement that “cryptocurrencies, virtual assets, and blockchain will change the financial services industry.” He went on to say that it’s “attracting enterprises to the UAE to build on this vision and enable future technologies to thrive here.”
FTX Japan makes its debut
After acquiring the local Liquid crypto exchange in February, FTX, which has eclipsed Coinbase to become the second largest centralized exchange in terms of volume, has created FTX Japan to serve its Japanese consumers.
Japan has severe regulations for cryptocurrency exchanges that wish to operate there, with the commissioner of the country’s crypto regulator, the Financial Services Agency (FSA), acknowledging that it makes things “very difficult” for exchanges.
“Japan is a highly regulated market with a potential market size of almost $1 trillion,” according to FTX CEO Sam Bankman-Fried.
In 2022, leading centralized exchanges will increase their market share.
In contrast to the increases, some prominent crypto enterprises have been forced to eliminate workers because to the persistent unfavorable conditions.
Due to the poor market conditions, Gemini exchange plans to lay off 10% of its staff. Coinbase also said in mid-May that it would delay recruiting to guarantee it could weather the storm.
With its stock price at an all-time low due to a wider market decline, crypto-friendly trading platform Robinhood laid off 9% of its workers at the end of April.