Wednesday 7 September 2022
UK-based GCEX is expanding into the Middle East and Africa region with the opening of an office in Dubai.
GCEX’s launch in Dubai follows on from the firm being granted provisional regulatory approval by the Virtual Assets Regulatory Authority (VARA) in Dubai in April 2022 to operate as a crypto exchange. The firm is now in the process of applying for a license in accordance with VARA requirements.
According to GCEX, its presence in the VARA ecosystem will be key to attracting institutional and professional clients, emphasizing its focus on investor protection. It will enable the company to progress towards its goal of becoming a dominant crypto exchange for clients in the region.
Founded in 2018, GCEX enables brokers, funds, and traders to access deep liquidity in digital assets and offers a range of technology solutions.
Its modular ‘Crypto In A Box’ trading solution comprises a technology-agnostic platform that covers regulation, custody, safety of funds, liquidity, and technology.
Dubai has made great strides toward establishing itself as a hub for the virtual asset industry. As the first and only jurisdiction globally to set up a specialist regulator dedicated to the virtual asset economy, Dubai’s VARA has been developing progressive parameters to enable a selective list of global participants to establish themselves in their regime for the initial phase.