GCEX gets virtual asset licence in Dubai

UK-based digital assets brokerage GCEX Group has secured a licence for its virtual assets broker-dealer service in Dubai.

The licence from the Virtual Asset Regulatory Authority (Vara) will enable GCEX to offer brokers, asset managers, hedge funds and family offices access to digital asset liquidity and tech services.

According to GCEX, it is the first firm in Dubai to gain approval to operate a client money account.“Being a regulated entity in the region is important to us,” said Mehtap Önder, managing director of GCEX in Dubai.

“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.”

The licence award is one of the first acts of Vara under its new leadership – Matthew White was appointed as chief executive the previous week, replacing Henson Orser. He has been brought in as the regulator prepares to ramp up to full-scale market operations in 2024.

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