In a recent Forbes piece , it was noted that the virtual asset regulatory authority in Dubai expects to see several hundred virtual assets exchanges and service providers enter its licensing regime. This comes as CEOs of major crypto exchanges laud both UAE and Hong Kong as crypto hubs. As per Henson Orser CEO of VARA, speaking to Forbes, “VARA makes Dubai one of a handful of global jurisdictions implementing a mature framework for crypto and virtual assets. The VARA framework expects to see several hundred virtual asset exchanges and service providers in Dubai start to come into its licensing regime in 2023.” At the same time Hong Kong is also competing to get a piece of the crypto and digital asset market with the launch of new crypto licensing regime. In addition Hong Kong’s banking regulator is pressuring financial institutions including HSBC and Standard Chartered to take on crypto exchanges as clients. In parallel the Central Bank of UAE came out with its new guidanc

  Crypto exchange, MaskEX has unilaterally announced receiving an initial approval from Dubai’s Virtual Asset Regulatory Authority (VARA) to begin making preparations for its launch in the United Arab Emirates (UAE). It also will be opening its headquarters in Dubai and hiring.  As per the announcement, the approval represents a major milestone for MaskEX, which has been working tirelessly to expand its presence in the Middle East and bring the benefits of virtual assets to a wider audience. MaskEX will begin finalizing its entity incorporation, engage banking services, hire more staff in Dubai for its soon-to-be-opened headquarters office, and take the necessary steps to become the first regulated exchange in the UAE. The services and activities MaskEX has applied for 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. This license will enable MaskEX to operat