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- A bunch of leading crypto exchanges by volume are going to mark their extension in the latest markets.
- One crypto exchange will have additional requirements before the grant of its full license; another would enable it to work directly with Japanese officials.
- The extensions are in sharp contrast to other prominent cryptocurrency firms that are having to cut their workforce because of the bear market.
Crypto(dot)com Goes Dubai
Couple of crypto exchanges out of top 10 biggest crypto exchanges by volume will mark their extension into fresh markets, with Crypto(dot)com obtaining a provisional cryptocurrency license in Dubai and FTX releasing in Japan.
Crypto(dot)com n\made the official announcement on Thursday that VARA offered the exchange with a provisional approval of its digital asset license, offering the organization go-ahead based on starting compliance checks.
The crypto exchange stated that VARA is going to carry out the further due diligence and rest of mandate requirements before its entire operating license is issued, which is expected to happen soon.
During March, Crypto(dot)com stated that it will develop a regional office in UAE, with an objective of making Dubai a center or crypto.
FTX Japan Release
SBF’s FTX — which has surpassed Coinbase to become the 2nd biggest cryptocurrency exchange with respect to volume — has rolled out its services in Japan to serve its Japanese clients after it purchased the domestic Liquid cryptocurrency exchange back in February.
In Japan, crypto exchanges have to go through tough regulations regarding cryptocurrencies if they want to operate in the nation, this makes things difficult for the digital asset exchanges to operate in the country.
Sam Bankman Fried, CEO of FTX stated that Japan is an extremely regulated market with a potential market size of around $1 Trillion for cryptocurrency trading.
These extensions are in sharp contrast to the other prominent crypto organizations that are having to cut their personnel because of a poor market scenario, while coinbase also made the announcement in mid-May that it will reduce their pace of hiring to make sure it can weather the dampened market.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
