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MaskEX has received preliminary approval from VARA in Dubai.

by Swati Gupta

May 11, 2023 21

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 significant 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.

MaskEX’s platform aims to offer an advanced and secure trading experience for individuals and institutions alike, leveraging the latest technology and industry best practices to ensure transparency, safety, and reliability. The company’s vision is to become a leading player in the virtual asset space, empowering users to trade a range of digital assets with ease and confidence.

With the initial approval from VARA, MaskEX will now be able to 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.

The FMP license is a highly sought-after license in the virtual asset industry, as it represents the highest level of regulatory approval and provides a strong foundation for growth and expansion. Obtaining this license will enable MaskEX to offer a wide range of virtual asset services to users in the UAE and beyond, while ensuring the highest standards of security and compliance.

Commenting on the approval, the CEO of MaskEX, said: “We are thrilled to have received initial approval from VARA, which represents a significant milestone for our company. We believe that virtual assets have the potential to transform the financial industry and bring significant benefits to users worldwide, and we are committed to playing a leading role in this exciting new era.”

He added, “We are confident that our platform will offer a seamless and secure trading experience for users, with a range of advanced features and tools that will enable them to make informed decisions and maximise their returns. We look forward to working closely with VARA and other regulatory bodies to ensure that we continue to meet the highest standards of security, compliance, and transparency.”

The launch of MaskEX in the UAE is expected to create significant opportunities for users, businesses, and investors, as it will provide a regulated and secure platform for trading a wide range of virtual assets. The company’s platform will also enable users to access a range of advanced features and tools, such as margin trading, futures trading, and other innovative products, that are not currently available on other virtual asset exchanges.

Furthermore, the launch of MaskEX in the UAE is expected to boost the country’s position as a leading hub for virtual assets and fintech innovation. The UAE has been actively working to attract virtual asset companies to the region, recognising the significant potential of this emerging industry. By providing a strong regulatory framework and a supportive business environment, the UAE is positioning itself as a key player in the virtual asset space, and MaskEX’s launch is expected to contribute significantly to this effort.

In conclusion, MaskEX’s initial approval from VARA represents a major milestone for the company and the virtual asset industry as a whole. With its advanced platform, commitment to security and compliance, and strong focus on user experience, MaskEX is well-positioned to become a leading player in the virtual asset space, offering a range of innovative products and services to users in the UAE and beyond. The launch of MaskEX in the UAE is expected to create significant opportunities for users and businesses, while also contributing to the country’s position as a leading hub for fintech and virtual assets.