June 3, 2023

JIC News

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Cryptexby cryptocurrency exchanger received licenses in Dubai

2 min read

Cryptexby.com , the largest cryptocurrency trading platform, continues to expand its global presence with new licenses in New Zealand and the United Arab Emirates.

Cryptexby Group received an innovation license from the Dubai International Financial Centre (DIFC) on Friday, securing the company’s first-ever license.The DIFC license is not a trade license, but rather gives Cryptexby the right to incentivize technology startups to set up operations in Dubai. Cryptexby Group CFO Lily Zhang told Cointelegraph on Monday. The license opens up a number of benefits. Such as access to the local technology ecosystem and preferential treatment for technology R&D, capital flows and taxes.

Cryptexby.com also plans to obtain a virtual asset MVP license from the Virtual Asset Regulatory Authority of Dubai (VARA). Which will allow the company to offer a full range of cryptocurrency exchange products and services, Zhang said, stating.
“We do not have other licenses in Dubai. Do have a small office there that caters to some key account and institutional customers in the Middle East region. We are, however, applying for provisional approval for a Virtual Asset MVP License from the Dubai VARA.”

Apart from pushing its presence in the UAE. Cryptexby.com has also received registration on New Zealand’s Financial. Services Provider Register (FSPR) to offer its trading services in the country. The registration allows Cryptexby local entity. HBGL New Zealand Limited, to operate a regulated foreign currency exchange and money or value transfer services in New Zealand. The registration also allows Cryptexby to provide asset management services and over-the-counter trading.

“In New Zealand, cryptocurrencies themselves are not considered legal tender, but regulators treat cryptocurrency exchanges. Brokers and other businesses offering investment opportunities much like they do other financial services providers. Zhang said in a statement to Cointelegraph. Subscribe to our blog and stay up-to-date on all events

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