MaskEX, a 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 United Arab Emirates (UAE).
According to an official release, MaskEX will begin finalising its entity incorporation, engage banking services, and hire more staff in Dubai for its soon-to-be-opened headquarters office. Reportedly, 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 FMP licence. This licence should enable MaskEX to operate in and from Dubai.
“We believe that our platform will provide users in the UAE with a way to access the world of virtual assets, and we look forward to launching as soon as possible, while adhering to the requirements laid out by VARA,” Eric Yang, CEO, MaskEX, said.