Cryptocurrency exchange MaskEX gets initial approval to start operations in UAE
Approval has been granted for services and activities such as exchange, lending and borrowing, broker-dealer services, virtual asset management, and investment services.
Wednesday May 10, 2023,
1 min Read
Cryptocurrency exchangehas received initial approval from Dubai's Virtual Asset Regulatory Authority (VARA) to start operating in the United Arab Emirates (UAE).
Approval has been granted for services and activities such as exchange, lending and borrowing, broker-dealer services, virtual asset management, and investment services. The aim is to obtain VARA's full market product licence in the future.
MaskEX will start finalising its entity incorporation, engage banking services, and hire for its upcoming headquarters in Dubai.
Founded in 2021, MaskEX strives to provide a user-friendly interface and advanced trading tools to allow both novice and experienced traders to navigate the crypto market.
The products offered include savings packages and on- and off-ramp products that allow users to convert fiat currency to digital assets and vice versa with ease.
VARA was formed in March last year to regulate the emerging virtual assets industry in Dubai and position the emirate as a regional and international hub of virtual assets.
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Edited by Swetha Kannan