Crypto.com Gets Regulatory Nod in Dubai, FTX Launches in Japan

One of the world’s largest cryptocurrency exchanges by volume Crypto.com Friday announced it has received provisional approval of its Virtual Asset MVP License from the Dubai Virtual Assets Regulatory Authority (VARA), allowing it to offer a full suite of crypto exchange products and services.

The operating license under this specialized program will be issued as soon as the firm qualifies for all mandated requirements.

Established in March 2022, VARA oversees the issuing, trading, and authorizing of virtual assets in Dubai, regulates cryptocurrency exchanges and service providers, and monitors transactions to ensure the highest standards of consumer protection.

“The United Arab Emirates is focused on developing a world-leading environment for innovative technology and collaboration, and we believe the cryptocurrencies, virtual assets, and blockchain will revolutionize the financial services sector,” said H.E. Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade.

“Through our Virtual Asset Regulatory Authority and other important initiatives, we are attracting companies to the UAE to build on this vision and enable technologies of the future to flourish here,” he added.

Helal Saeed Almarri, Director General of Dubai World Trade Centre Authority that houses VARA said establishing the first of its kind specialized authority to regulate the Virtual Assets industry is a pioneering move by Dubai’s leadership that views this sector as an accelerator for the future global economy.

FTX expands services to Japan

FTX, which overthrew Coinbase to become the second-largest crypto exchange, has announced the launch of FTX Japan, to expand its services to the Japanese customers.

The move comes days after FTX acquired Japanese crypto firm Liquid Group and its subsidiaries, including Quoine Corporation, a Financial Services Agency registered crypto-asset exchange.

FTX CEO Sam Bankman-Fried said that “Japan is a highly regulated market with a potential market size of almost $1 trillion” for crypto trading.

In stark contrast to these expansions, Coinbase has decided to extend its hiring freeze and rescind a number of accepted offers to deal with current macroeconomic conditions.

The exchange, in a blog post, stated it will pause hiring "for as long as this macro-environment requires."

"We always knew crypto would be volatile, but that volatility alongside larger economic factors may test the company, and us personally, in new ways," said L.J. Brock, Coinbase's chief people officer, in the blog post.

Reportedly, another crypto exchange Gemini plans to cut 10% of its employees due to the unfavorable market conditions.

With crypto-friendly trading platform Robinhood’s stock price at an all-time low, it fired 9% of its workforce in April.

Posted In: contributorsCryptocurrencyMarkets

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.