MaskEX, a next-generation cryptocurrency exchange, has received initial approval from Dubai’s Virtual Asset Regulatory Authority (VARA) to prepare for its launch in the UAE.
This milestone represents a significant achievement for MaskEX, which is focused on expanding its presence in the Middle East and making virtual assets accessible to a broader audience.
With VARA’s approval, MaskEX will now focus on finalising its entity incorporation, engaging banking services, hiring additional staff in Dubai for its new headquarters office, and taking steps to become the first regulated exchange in the UAE. MaskEX aims to obtain VARA’s FMP license to provide exchange, lending and borrowing, broker-dealer, and virtual asset management and investment services, while maintaining regulatory compliance, customer protection, and innovation.
“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,” said Eric Yang, CEO of MaskEX.
“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.”
The platform’s launch in the UAE is expected to create new jobs and attract foreign investment, boosting the local economy.
MaskEX offers a user-friendly interface and advanced trading tools, catering to both novice and experienced traders. Its comprehensive range of products includes savings packages, deeply liquid markets, and efficient on- and off-ramp products, enabling easy conversion between fiat currency and digital assets.
“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,” said Ben Caselin, Vice President and Chief Strategy Officer of MaskEX.
“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.”
