GC Exchange FZE (GCEX), a part of the broader GCEX Group, has bolstered its presence in the Middle East by securing an operational virtual asset service provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority (VARA).
Announced today (Monday), the license will allow the company to provide virtual asset broker-dealer services in Dubai.
Strengthening Position with Regulation
Mehtap Önder, Managing Director, GCEX in Dubai, said: “Being a regulated entity in the region is important to us – it’s the ideal way to demonstrate our commitment to adhering to international standards and implementing robust processes, with transparency and investor protection at the core of our offering. This is a major milestone for our business and is critical to GCEX’s growth strategy, enabling us to have a stronger presence in the region.”
GCEX was established in 2018 by Lars Holst, offering brokers, hedge funds, and professional traders to access deep liquidity in FX and digital assets, along with a range of technology solutions. The London-headquartered company turned a net profit of £1.5 million in 2022 and opened its Dubai office in July 2022.
Earlier this year, GCEX launched two proprietary trading platforms, one for digital assets and the other for margin forex and contracts for differences.
A Strategic Crypto License
The latest license came after the Dubai subsidiary of GCEX obtained VARA’s Minimal Viable Product (MVP) license in February 2023. Apart from the Dubai license, GCEX is regulated in the United Kingdom by the Financial Conduct Authority and is registered with the Danish Financial Supervisory Authority.
“[In Dubai, GCEX is] the first firm to gain approval to operate with a client money account, highlighting our focus on client protection,” Önder added.
Meanwhile, several other crypto companies recently received the VASP license from VARA. Crypto.com and HEX Trust are only a few names that recently received the Dubai license. However, the regulator in Dubai suspended the license of BitOasis earlier this year, citing non-compliance.
This article was written by Arnab Shome at www.financemagnates.com.