Crypto exchange MaskEX has obtained preliminary authorization from Dubai’s Virtual Asset Regulatory Authority (VARA) to commence preparations for its launch in the United Arab Emirates (UAE).

With this authorization, MaskEX is now one step closer to becoming the first regulated exchange in the UAE.

MaskEX was established in 2021 and has asked for permission from VARA to exchange, lend, borrow, act as a broker, and manage and invest in virtual assets, with the goal of qualifying for VARA’s prestigious FMP license.

Eric Yang, CEO of MaskEX, expressed his gratitude for the preliminary approval and said that the exchange will adhere strictly to the requirements laid out by VARA.

MaskEX aims to provide users in the UAE with a safe, reliable, and efficient way to access the world of virtual assets.