Dubai Grants One Of the First VASP Licenses to GCEX for Virtual Asset Operations
November 20, 2023 - GC Exchange FZE (GCEX), a subsidiary of the GCEX Group, has successfully obtained a Virtual Asset Service Provider (VASP) Operational Licence for VA Broker Dealer services from the Virtual Asset Regulatory Authority (VARA) in Dubai.
Since opening its Dubai branch in July 2022, GCEX has advanced from receiving its MVP (Minimal Viable Product) Preparatory License from VARA in February 2023 to now being fully licensed to commence market operations as a VASP in Dubai. This development enables entities such as brokers, hedge funds, family offices, and professional traders to leverage GCEX's extensive liquidity in digital assets and its diverse range of technological solutions.
GCEX provides institutional-grade access to digital assets via its XplorDigital trading solutions. This comprehensive platform focuses on a range of critical aspects, including regulation, regulated custody, the safety of client funds, top-tier liquidity, and both back-end and front-end technology. GCEX maintains a policy of partnering exclusively with regulated institutional digital custody and staking providers, ensuring client funds are always segregated.
Mehtap Önder, Managing Director GCEX, Dubai
Regarding this milestone achievement, Mehtap Önder, Managing Director of GCEX in Dubai, stated, “VARA is leading the way in the global digital asset industry, and we are extremely proud to be one of the first firms to receive a VASP Operating Licence to provide Virtual Asset Broker-Dealer services and the first firm to gain approval to operate with a client money account, highlighting our focus on client protection.
“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 Group, with its headquarters in London and additional offices worldwide, empowers institutional clients with deep liquidity in FX and CFDs on digital assets, spot trading and conversion of digital assets, and a wide array of trading solutions. GCEX is regulated by the UK’s Financial Conduct Authority (FCA) and registered with the Danish Financial Services Authority (FSA). It counts True Global Ventures among its investors.
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