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Cryptocom and FTX Continue to Expand Abroad Despite Bear Market

 


Two of the top 10 crypto exchanges have now widened their reach by expanding into new promising markets. While Crypto.com has received a permit in Dubai, the FTX has gone to star in Japan.


As Crypto.com announced on Thursday, the company has received preliminary approval from the Dubai Virtual Assets Regulatory Authority (VARA) to operate as a crypto trading platform.


The further examination of the VARA and compliance with the requirements of the supervisory authority will be decisive as to whether the crypto exchange will also receive full approval "soon".


Back in March, Crypto.com announced plans to establish offices in Dubai after the emirate recently introduced new crypto laws and formed VARA to become the crypto hub in the Middle East.


Thani Al Zeyoudi, Minister of Trade of the United Arab Emirates (UAE), therefore also emphasizes in the Crypto.com press release that the country sees “cryptocurrencies, digital assets and blockchain as a revolution for the financial industry”. Therefore, the government's declared goal is "to bring companies that believe in this vision to the UAE so that they can thrive here".


Meanwhile, crypto trading platform FTX, which has now overtaken Coinbase as the second largest crypto exchange in terms of trading volume, has set up shop in Japan after the company acquired Japanese crypto exchange Liquid back in February.


Japan has pretty strict regulations for crypto trading platforms, which is why even the Financial Services Agency (FSA) admits that these rules are “making life pretty difficult” for crypto exchanges.


FTX Managing Director Sam Bankman-Fried nonetheless sees the Japanese market as having "potential close to $1 trillion." US Dollars” for cryptocurrency trading.


The expansion of the two market-leading platforms stands in stark contrast to other crypto companies that are having to cut costs and even downsize their workforces due to the ongoing bear market.

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