Crypto platform Belfrics opens MENA operations based in Dubai

Rick Steves

Earlier this week, Belfrics announced its crypto derivatives capabilities were deployed by TP Global FX, a retail FX and CFD broker founded in 2014.

Belfrics Technologies Limited, the UAE-based subsidiary of Belfrics Global, has extended operations in the region after being admitted to the DIFC (Dubai International Financial Centre) under the Innovation business category.

The UAE is regarded as a welcoming jurisdiction in terms of the regulatory approach toward cryptocurrency and blockchain technology. This made Dubai, the “anchor for the MENA region”, as a natural choice for Belfrics’ headquarters in the Middle East.

Belfrics supports innovators in crypto

Belfrics Global is a Malaysian based blockchain provider and cryptocurrency exchange and platform that is licensed and regulated by Labuan Financial Services Authority (LFSA), Malaysia.

The company is a subsidiary of Life Clips and offers a multi-feature trading platform for digital assets, cryptocurrencies, and crypto derivative contracts. The firm currently has 10 operational offices in 8 countries.

Robert Grinberg, Chief Executive Officer at Life Clips, commented: “Belfrics’ objective is to support creators and innovators in the crypto and blockchain space, which is in line with Dubai’s recently announced blockchain strategy. The global financial services industry and wider business community’s confidence in the DIFC consistently enable it to facilitate substantial foreign direct investment into Dubai. This has supported Dubai’s top ranking globally in attracting FDI projects in the financial services sector in 2021, and DIFC ranking as the best performing free zone for the last five years. Designating the DIFC as regional hub for Belfrics’ Middle East Operations is a tremendous opportunity for our company.”

Praveen Kumar, Chief Executive Officer and Founder at Belfrics, commented: “Extending Belfrics Technologies Limited’s operations in the DIFC provides Belfrics an opportunity to set a new standard in the region. Our digital-first, forward-thinking approach has enabled us to implement the dynamic blockchain solutions Belfrics has been developing rapidly over the past decade. Since DIFC is the region’s leading global financial center, it was a natural choice for us. As the opportunities in the region grow, with DIFC’s support, we look forward to growing with them, while catering to the technological needs of both local and international entities.”

Belfrics powers TP Global FX’s crypto derivatives offering

Earlier this week, Belfrics announced its crypto derivatives capabilities were deployed by TP Global FX, a retail FX and CFD broker founded in 2014 with roots in the Middle East and North Africa (MENA) region. The brokerage firm has recently entered the South American and South East Asian markets.

TP Global FX has decided to add crypto to its product offering in order to fulfil its ambition of onboarding 120,000 clients in 2023 and reaching a monthly trading volume of $1 billion in crypto derivatives by end of 2023.

The broker has offices in Europe, Africa, Mauritius, Nigeria, Armenia, Vanuatu and Dubai. The firm offers Signal Services, Copy Trading, and Crypto Contracts Trading.

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