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GCEX Receives Operational VASP Licence from VARA: Revolutionizing Digital Asset Services in Dubai
GC Exchange FZE (GCEX), a subsidiary of the GCEX Group, has recently been granted an Operational VASP Licence for VA Broker Dealer services from Dubai's Virtual Asset Regulatory Authority (VARA). This development allows GCEX to commence market operations as a Virtual Asset Service Provider (VASP) in the Emirate of Dubai, providing brokers, hedge funds, family offices, and professional traders with access to its deep liquidity in digital assets and a range of technology solutions.
GCEX, which opened its Dubai office in July 2022, previously received its MVP (Minimal Viable Product) Preparatory License from VARA in February 2023. With the acquisition of the Operational VASP Licence, GCEX can now fully engage in the provision of Virtual Asset Broker Dealer services, further solidifying its presence in the region.
The GCEX Group specializes in facilitating institutional access to digital assets through its proprietary XplorDigital trading solutions. This technology-agnostic platform encompasses various aspects of the trading process, including regulation, regulated custody, fund safety, tier 1 liquidity, and both back-end and front-end technology. GCEX's commitment to client protection is underscored by its partnerships exclusively with regulated institutional digital custody and staking providers, as well as its rigorous segregation of client funds.
Mehtap Önder, the Managing Director of GCEX in Dubai, expressed the company's pride in being among the first firms to receive a VASP Operating Licence for Virtual Asset Broker Dealer services, as well as the first to gain approval to operate with a client money account. Önder emphasized the importance of being a regulated entity in the region, as it allows GCEX to demonstrate its commitment to adhering to international standards, implementing robust processes, and prioritizing transparency and investor protection. This achievement is a significant milestone for GCEX's business and plays a crucial role in its growth strategy, enabling the company to establish a stronger presence in the region.
In addition to its Virtual Asset Broker Dealer services, GCEX Group enables institutional clients to access deep liquidity in FX and CFDs on digital assets, as well as engage in digital assets spot trading and conversion. With its broad range of trading solutions, GCEX aims to meet the diverse needs of institutional clients seeking exposure to digital assets. Headquartered in London, GCEX has a strong global presence and is well-positioned to cater to the evolving demands of the digital asset industry.
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