GCEX obtains an operational VASP licence in Dubai

Monday 20 November 2023 14:27 CET | News

UK-based GCEX has obtained an operational virtual asset service provider licence from the Virtual Asset Regulatory Authority of Dubai.


GCEX, having established its Dubai office in July 2022, previously received its MVP (Minimal Viable Product) Preparatory Licence from VARA in February 2023. With the newly obtained license, GCEX is now authorised to commence market operations as a Virtual Asset Service Provider (VASP) in the Emirate of Dubai. 

This development allows GCEX to cater to brokers, hedge funds, family offices, and professional traders by providing access to its deep liquidity in digital assets and a suite of technology solutions. GCEX's proprietary XplorDigital trading platform facilitates institutional access to digital assets, covering regulatory compliance, regulated custody, fund safety, tier 1 liquidity, and technology on both the back-end and front-end. It's worth noting that GCEX exclusively collaborates with regulated institutional digital custody and staking providers while ensuring the segregation of client funds. 

Representatives from GCEX in Dubai talked about these recent developments and highlighted the significance of VARA's approval, stating that being a regulated entity in the region aligns with the company's commitment to adhering to international standards. They see this achievement as a critical element of GCEX's growth strategy, strengthening its presence in the region. The company's focus on client protection is underscored by its approval to operate with a client money account.


UK-based GCEX has obtained an operational virtual asset service provider licence from the Virtual Asset Regulatory Authority of Dubai.


More information about GCEX and VARA 

GCEX Group, headquartered in London with a global presence through multiple offices, allows institutional clients to access deep liquidity in FX and CFDs on digital assets. The company, regulated by the UK's FCA and registered with the Danish FSA, offers digital asset spot trading, conversion services, and a diverse range of trading solutions. 

VARA works towards the creation of an advanced VA framework that protects investors, sets global governance standards, and supports Dubai's vision for a borderless economy. Through investor protection and market transparency, the entity aims to support Dubai's position as a global capital for advanced technologies. In providing an improve level of regulator security and investor protection, VARA aims to set new benchmarks and enable the adoption of industry best practices, across the UAE, the Middle East, and the world.

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Keywords: cryptocurrency exchange, cryptocurrency, virtual asset, financial services
Categories: DeFi & Crypto & Web3
Companies: GCEX
Countries: United Arab Emirates
This article is part of category

DeFi & Crypto & Web3


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