Next-generation cryptocurrency exchange MaskEX has received initial approval from Dubai’s Virtual Asset Regulatory Authority (VARA) to begin preparations for its launch in the United Arab Emirates (UAE).
What does the approval mean for MaskEX?
MaskEX, founded in 2021 and committed to empowering users globally and contributing to the development of the crypto and blockchain industries, has reached a significant milestone with VARA’s approval.
The clearance represents a significant move forward for MaskEX in expanding its presence in the Middle East and offering the benefits of virtual assets to a larger audience.
In order to expand its scope of services, MaskEX has applied for VARA’s prestigious FMP license, enabling it to engage in various activities involving virtual assets, such as trading, financing, borrowing, brokering, managing, and investing.
With this license, MaskEX could operate in Dubai while adhering to the highest regulatory compliance standards, client safety, and innovative business practices.
Yang, CEO of MaskEX, stated:
“We are extremely proud and grateful to have received initial approval from VARA, which is a testament to our commitment to meeting the highest regulatory standards.”
He added:
“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’s plans and goals for the UAE market
The introduction of MaskEX in the UAE is anticipated to have many positive effects, including the creation of new jobs and an increase in foreign investment.
Additionally, the launch of MaskEX will be a significant step in achieving these objectives. The UAE leads the region by emphasizing digital transformation and seeking to become a leader in blockchain technology and virtual assets.
MaskEX makes it simple for novice and experienced traders to navigate the crypto market with its user-friendly interface and advanced trading tools.
Furthermore, the exchange offers extensive products like savings, liquid markets, and easy fiat-to-crypto conversion.
Vice President and Chief Strategy Officer of MaskEX, Ben Caselin, stated,
“The initial approval from VARA is a major milestone for us and for the UAE and MENA region as a whole. We are excited to work with regulators to ensure full compliance of our platform with all regulations and create a safe and transparent environment for traders of all levels.”
Visit MaskEX’s official website to learn more about its upcoming launch in the UAE.
