Two of the major crypto exchange entities by volume, Crypto.com, and FTX, are reportedly leaving their footprints in new markets via securing a crypto license in Dubai and setting up shop in Japan, respectively. 

Specifically, Crypto.com reportedly issued an announcement on June 2nd revealing that it managed to secure the provisional green light from the Dubai Virtual Assets Regulatory Authority (VARA), regarding its virtual asset license, offering the firm the needed regulatory go-ahead based on initial compliance checks.

The exchange claimed that VARA will conduct additional due diligence and other mandated requirements prior to the issuance of its full operating license, with the expected timeline not specified but said to happen in the “near term.”

Crypto.com disclosed in March its plan to form a regional office in the United Arab Emirates (UAE) most major urban area, following the enactment of new regulations for crypto and created VARA with the primary target of making Dubai a global hub for crypto.

The UAE Minister of State for Foreign Trade, Thani Al Zeyoudi, further shared the nation’s belief in “cryptocurrencies, virtual assets and blockchain will revolutionize the financial services sector”, claiming it is “attracting companies to the UAE to build on this vision and enable technologies of the future to flourish here.”

FTX – which snatched the second spot of Coinbase in the list of biggest centralized exchanges in terms of volume – has reportedly introduced FTX Japan in a bid to cater to its clients based in the nation, following the acquisition of the local Liquid crypto exchange in February.

Japan reportedly employs a tight regulatory grip on crypto exchanges looking to function locally, with the commissioner of the crypto regulator, the Financial Services Agency (FSA), even admitting it makes things “rather tough” for exchanges.

FTX CEO Sam Bankman-Fried said that “Japan is a highly regulated market with a potential market size of almost $1 trillion” for crypto trading.