Crypto exchange FTX has just received a license in Dubai, Bloomberg has reported.
According to the publication, the trading platform plans to open a headquarters in the emirate.
The company has reported FTX Europe, a division previously created with a focus on Europe, will become "a key player in the Dubai World Trade Center (DWTC)."
The company's CEO Sam Bankman-Fried has said the platform will offer "complex crypto-derivatives products with centralized counterparty clearing to institutional markets."
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In addition, Bloomberg has reported Binance has obtained a license from the local regulator to operate in Dubai.
Patrick Gruhn, CEO of FTX Europe, said:
"The certainty and credibility that Dubai assures in its adherence to these commitments allows FTX to safely pursue its overall strategy of scaling towards becoming the first virtual-asset service provider to enter global markets in a fully regulated manner."