Dubai’s VARA gives initial approval to MaskEX

Crypto exchange gets green light to start making provisions for launch in the UAE


Somshankar Bandyopadhyay

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Published: Wed 10 May 2023, 11:24 PM

Last updated: Wed 10 May 2023, 11:25 PM

MaskEX, a next-generation cryptocurrency exchange, has announced that it has received initial approval from Dubai’s Virtual Asset Regulatory Authority (VARA) to begin making preparations for its launch in the UAE. The approval represents a major milestone for MaskEX, which has been working tirelessly to expand its presence in the Middle East and bring the benefits of virtual assets to a wider audience.

With the initial approval from VARA, MaskEX will begin finalising its entity incorporation, engage banking services, hire more staff in Dubai for its soon-to-be-opened headquarters office, and take the necessary steps to become the first regulated exchange in the UAE. The services and activities MaskEX has applied for include exchange, lending and borrowing, broker-dealer, and virtual asset management and investment services, with the aim of obtaining VARA’s highly acclaimed FMP license. This licence will enable MaskEX to operate in and from Dubai while upholding its commitment to regulatory compliance, customer protection, and innovation.

“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,” said Eric Yang, CEO of MaskEX. “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.”

The launch of MaskEX in the UAE is expected to bring significant benefits to the local economy, including the creation of new jobs and the attraction of foreign investment. As the UAE takes a leadership position in the region by prioritising digital transformation and aiming to become a leader in blockchain technology and virtual assets, the launch of MaskEX will be a major milestone in achieving these goals.

MaskEX offers a user-friendly interface and advanced trading tools, making it easy for both novice and experienced traders to navigate the crypto market. The exchange offers a comprehensive range of products, including savings packages, deeply liquid markets across a wide range of trading pairs, and efficient on- and off-ramp products to help users easily convert fiat currency to digital assets and vice versa.

“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. “We look forward to working closely with the regulatory authorities to ensure that our platform meets all necessary requirements and provides a secure and transparent environment for our users.”

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