Key Highlights:
- Next-generation cryptocurrency exchange MaskEX, has obtained initial approval from Dubai’s Virtual Asset Regulatory Authority (VARA), paving the way for its official launch in the United Arab Emirates (UAE).
- MaskEX seeks to extend its user-friendly Interface and advanced trading tools provisions to crypto traders in the middle east.
MaskEX, a next-generation cryptocurrency trading platform, is a step closer to its official launch in the United Arab Emirates (UAE) as it has obtained initial approval from Dubai’s Virtual Asset Regulatory Authority (VARA), the company announced via an official press release today.
MaskEX is a renowned digital asset trading platform that is committed to offering 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.
MaskEX Seeks to Launch in the Middle East
The approval will see the company proceed with finalizing its entity incorporation, procuring banking services, increasing its workforce for its upcoming headquarters in Dubai, and taking the necessary steps to become the UAE’s inaugural regulated exchange, all thanks to the initial approval granted by VARA.
The approval marks a significant milestone for MaskEX, as it plans to expand its presence in the Middle East and bring the benefits of virtual assets to a wider audience. Ben Caselin, Vice President and Chief Strategy Officer of MaskEX acknowledged this saying, “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.”
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,” Ben added.
Prior to the approval grant, MaskEX has applied for exclusive services and activities which 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.
According to the announcement, the launch of MaskEX in the UAE is expected to generate substantial benefits for the local economy, including the establishment of new job opportunities and the attraction of foreign investment. As the UAE takes a leading role in the region by focusing on digital transformation and aspiring to be a pioneer in blockchain technology and virtual assets, the launch of MaskEX will be a significant milestone in accomplishing these aspirations.
Expressing the company’s delight on its newest achievement, Eric Yang, CEO of MaskEX said, “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.”
Yang’s statement further reads, “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.”
Conclusion
The initial approval granted by Dubai’s Virtual Asset Regulatory Authority (VARA) to MaskEX represents a significant milestone for the next-generation cryptocurrency exchange as it paves the way for its official launch in the UAE. With its commitment to offering a user-friendly interface and advanced trading tools, MaskEX aims to provide a secure and transparent environment for crypto traders in the Middle East. The company’s expansion into the region not only signifies its contribution to the local economy through job creation and foreign investment but also aligns with the UAE’s vision of becoming a leader in blockchain technology and virtual assets. With the stage set for its launch, MaskEX is poised to bring the benefits of virtual assets to a wider audience in the UAE and beyond.
