GC Alternate FZE (GCEX), part of the broader GCEX Group, has bolstered its presence within the Center East by securing an operational digital asset service supplier (VASP) license from Dubai’s Digital Asset Regulatory Authority (VARA).
Introduced immediately (Monday), the license will permit the corporate to offer digital asset broker-dealer companies in Dubai.
Mehtap Önder, Dubai Managing Director, GCEX
Mehtap Önder, the Managing Director of GCEX in Dubai, stated: “Being a regulated entity within the area is vital to us – it’s the best technique to show our dedication to adhering to worldwide requirements and implementing sturdy processes, with transparency and investor safety on the core of our providing. It is a main milestone for our enterprise and is essential to GCEX’s progress technique, enabling us to have a stronger presence within the area.”
GCEX was established in 2018 by Lars Holst, providing brokers, hedge funds, {and professional} merchants to entry deep liquidity in FX and digital belongings, together with a spread of expertise options. The London-headquartered firm turned a net profit of £1.5 million in 2022 and opened its Dubai workplace in July 2022.
Earlier this yr, GCEX launched two proprietary trading platforms, one for digital belongings and the opposite for margin foreign exchange and contracts for variations.
A Strategic Crypto License
The newest license got here after the Dubai subsidiary of GCEX obtained VARA’s Minimal Viable Product (MVP) license in February 2023. Aside from the Dubai license, GCEX is regulated in the UK by the Monetary Conduct Authority and is registered with the Danish Monetary Supervisory Authority.
“[In Dubai, GCEX is] the primary agency to achieve approval to function with a consumer cash account, highlighting our give attention to consumer safety,” Önder added.
In the meantime, a number of different crypto firms not too long ago acquired the VASP license from VARA. Crypto.com and HEX Trust are only some names that not too long ago acquired the Dubai license. Nevertheless, the regulator in Dubai suspended the license of BitOasis earlier this yr, citing non-compliance.
GC Alternate FZE (GCEX), part of the broader GCEX Group, has bolstered its presence within the Center East by securing an operational digital asset service supplier (VASP) license from Dubai’s Digital Asset Regulatory Authority (VARA).
Introduced immediately (Monday), the license will permit the corporate to offer digital asset broker-dealer companies in Dubai.
Mehtap Önder, Dubai Managing Director, GCEX
Mehtap Önder, the Managing Director of GCEX in Dubai, stated: “Being a regulated entity within the area is vital to us – it’s the best technique to show our dedication to adhering to worldwide requirements and implementing sturdy processes, with transparency and investor safety on the core of our providing. It is a main milestone for our enterprise and is essential to GCEX’s progress technique, enabling us to have a stronger presence within the area.”
GCEX was established in 2018 by Lars Holst, providing brokers, hedge funds, {and professional} merchants to entry deep liquidity in FX and digital belongings, together with a spread of expertise options. The London-headquartered firm turned a net profit of £1.5 million in 2022 and opened its Dubai workplace in July 2022.
Earlier this yr, GCEX launched two proprietary trading platforms, one for digital belongings and the opposite for margin foreign exchange and contracts for variations.
A Strategic Crypto License
The newest license got here after the Dubai subsidiary of GCEX obtained VARA’s Minimal Viable Product (MVP) license in February 2023. Aside from the Dubai license, GCEX is regulated in the UK by the Monetary Conduct Authority and is registered with the Danish Monetary Supervisory Authority.
“[In Dubai, GCEX is] the primary agency to achieve approval to function with a consumer cash account, highlighting our give attention to consumer safety,” Önder added.
In the meantime, a number of different crypto firms not too long ago acquired the VASP license from VARA. Crypto.com and HEX Trust are only some names that not too long ago acquired the Dubai license. Nevertheless, the regulator in Dubai suspended the license of BitOasis earlier this yr, citing non-compliance.
More NFT News
Chinese language Auto Supplier Dives Into Bitcoin Mining With $256M Funding
Harnessing idle GPU energy can drive a greener tech revolution
Will Dogecoin Attain $1? Crypto Volatility Returns as Bitcoin and Ethereum Slide