HTX, a crypto exchange, during the Bitcoin MENA 2024 event in Abu Dhabi announced that it has received a provisional approval from Dubai’s Virtual Asset Regulator (VARA) as it seeks to expand to the MENA region. Charmain Lim, Head of VIP Clients Services at HTX made these statements during one of the panels.

During the session, “The Great Debate: Bitcoin vs. Crypto” session, Justin Sun, Global Advisor of HTX and Founder of TRON, attributed Bitcoin’s breakthrough of the $100,000 mark to advancements in cryptocurrency technology. He explained, “Tether once issued stablecoins on the Bitcoin Omni Layer, but the platform’s slow transaction speeds hindered its growth. However, USDT on TRON enables instant transactions, meeting the needs of users. Technological advancements have also benefited Bitcoin. The growing popularity of stablecoins has led to increased capital flowing into Bitcoin, further solidifying its role as a store of value.”

While Charmaine Lim, during a roundtable discussion titled “Improving Access to Bitcoin in the UAE” stated that despite advancements in UAE when it comes to cryptocurrencies, challenges persist, such as the cautious approach of certain banks toward cryptocurrency transactions, insufficient public education about cryptocurrencies, and regulatory uncertainties. These factors hinder the growth of the crypto sector in the UAE.

Charmaine noted that HTX secured the Provisional Approval for the Virtual Asset Service Provider (VASP) license from Dubai’s VARA and is currently applying to upgrade it to a full VASP license.

He emphasized HTX’s strong focus on the UAE market, noting the platform’s ongoing efforts to connect with regulatory bodies and its proactive steps to collaborate with local banks in establishing a streamlined fiat-to-cryptocurrency transaction channel. Charmaine added that HTX will provide global users with learning opportunities on subjects such as crypto trading, storage, and security through HTX Live and online workshops. The platform will also continue to expand language options, including offering Arabic support, to enhance the user experience.”