Some crypto businesses have turned to workforce layoffs to endure the crypto market downturn while two others are forging ahead and expanding into new markets.
Two out of the top 10 largest cryptocurrency exchanges by volume will expand into new markets, with Crypto.com obtaining a provisional crypto license in Dubai and FTX launching in Japan.Virtual Assets Regulatory Authority provided the exchange with provisional approval of its Virtual Asset License giving the company the go-ahead based on initial compliance checks.
The exchange said that VARA will carry out further due diligence and other mandated requirements before its full operating license is issued which it expects to happen in the “near term” Crypto.com said in March it would create a regional office in the United Arab Emirates largest city after it enactedThe UAE Minister of State for Foreign Trade, Dr Thani Al Zeyoudi said in the
the country believes “cryptocurrencies, virtual assets and blockchain will revolutionize the financial services sector.” He added it's “attracting companies to the UAE to build on this vision and enable technologies of the future to flourish here.”
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