MaskEX, a cutting-edge digital currency exchange, has disclosed that it has obtained preliminary approval from the Virtual Asset Regulatory Authority (VARA) in Dubai to initiate arrangements for its launch in the United Arab Emirates (UAE). This endorsement marks a significant achievement for MaskEX, which has been working relentlessly to increase its influence in the Middle East and disseminate the advantages of virtual assets to a broader populace.
After securing the preliminary endorsement from VARA, MaskEX will commence the completion of its entity incorporation, the procurement of banking services, the recruitment of additional personnel in Dubai for its forthcoming headquarters, and the essential measures to establish itself as the inaugural regulated exchange in the UAE.
Regulatory Compliance, User Protection, and Innovation
MaskEX has requested services and activities encompassing exchange, lending and borrowing, broker-dealer, as well as virtual asset management and investment services, with the objective of acquiring VARA’s prestigious FMP license. By securing this license, MaskEX will be authorized to conduct its operations within and beyond Dubai while fulfilling its obligations towards regulatory compliance, safeguarding customer interests, and encouraging innovation.
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. 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 debut of MaskEX in the UAE is projected to yield considerable advantages for the domestic economy, such as generating employment opportunities and enticing foreign investments. As the UAE assumes a pioneering role in the locality by emphasizing digital modernization and striving to be at the forefront of blockchain technology and virtual assets, the inauguration of MaskEX will mark a significant step forward in realizing these aspirations.
Ben Caselin, Vice President and Chief Strategy Officer of MaskEX, said: “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.”
Empowering Users with Innovative Products and Services
MaskEX provides an intuitive interface and sophisticated trading tools, rendering it effortless for novices and seasoned traders alike to navigate the cryptocurrency market. The exchange offers a broad selection of products, such as savings packages, highly liquid markets spanning a diverse assortment of trading pairs, and effective on- and off-ramp services that enable users to seamlessly convert fiat currency to digital assets and vice versa.
Established in 2021, MaskEX is a state-of-the-art centralized cryptocurrency exchange that strives to furnish convenient and secure entry to digital assets for all. Dedicated to strengthening global users and promoting the advancement of the cryptocurrency and blockchain sector, MaskEX pledges to provide a diverse array of pioneering products and services to its users.
The cutting-edge digital currency exchange also provides more than 300 spot pairs and highly liquid perpetual contract markets. MaskEX, with a burgeoning user base exceeding one million across the world, is committed to advocating for the acceptance of digital assets and constructing a more comprehensive economy that encompasses all smart cities and their inhabitants.