Month: July 2022

DUBAI, United Arab Emirates, July 29, 2022 /PRNewswire/ — FTX Exchange FZE, today announced that it has received approval to enter Dubai’s ‘Minimum Viable Product’ (MVP) programme for Virtual Assets under the world’s only specialist regime for this sector operated by the Virtual Asset Regulatory Authority (VARA). As a subsidiary of FTX Europe, FTX Exchange FZE (FTX) becomes the first Virtual Asset Service Provider (VASP) to receive this MVP licence to operate its Virtual Asset (VA) Exchange and Clearing House services in Dubai, United Arab Emirates.

Earlier this year, FTX became the first fully regulated Exchange to receive a provisional licence and ready itself to trial complex crypto derivatives dedicated to professional institutional investors in the UAE. Having successfully concluded VARA’s rigorous regulatory evaluation, it has now been fully approved to transition to an operational MVP licence, enabling the Company’s VA Exchange to deploy regulated crypto derivatives products, and trading services to Qualified Institutional Investors across the region. In addition, the VARA MVP Licence also grants FTX permission to act as a Clearing House, operate an NFT Marketplace, and provide Custodial Services under tightly prescribed parameters for specific class of consumers – assuring strong guardrails for market protection and economic security.

H.E. Helal Saeed Almarri, Director General of Dubai World Trade Centre Authority that houses VARA said, “We are pleased to onboard FTX as the first VASP to enter the operational phase of the VARA MVP Programme. VARA’s operating model, based on our unique test-scale-adapt principle designed for secure and sustainable growth, is reflective of Dubai’s commitment to creating a globally interoperable model for the ‘future economy’. The MVP Phase, exclusive to select, responsible international players like FTX, will allow VARA to prudently structure guidelines and risk mitigation levers for secure commercial operations. We look forward to FTX’s active participation in this next stage of collaborative global VA innovation”.

FTX CEO, Sam Bankman-Fried, commented on the news, “The approval for FTX to receive the first MVP VASP licence from Dubai’s prudential supervision regime to fully operate our exchange is a tremendous honor and landmark achievement for our team. Our mission is to lead the way in growing the digital asset industry in countries and jurisdictions that possess a robust digital asset framework.”

With VARA’s letter of approval, FTX FZE Exchange will operate under a model which has rigorous regulatory oversight and mandatory FATF compliance controls that are in line with the requirements of Tier 1 international financial markets.

Patrick Gruhn, Head of FTX Europe, adds, “Over the last several months, we at FTX Europe have been working alongside regulators to secure the first official VASP-MVP licence to operate in the UAE region. The approval from Dubai’s VARA is yet another milestone for FTX Europe, and we look forward to expanding our presence within the Dubai, UAE and MENA regions as a result.”

Mohammad Hans Dastmaltchi, Chairman of the Board of FTX Exchange FZE, adds, “We are honored to be the inaugural MVP licence holder of the esteemed VARA Ecosystem. We are grateful and obliged to have our operating licence. This would not have been possible without the progressive business environment in Dubai, the thorough and trustworthy regulatory guidelines provided by VARA, and the outstanding support from their team. We are motivated and committed to being a constructive and responsible participant in the VARA ecosystem and looking forward to growing and strengthening our regional office in Dubai”.

About FTX Exchange FZE

FTX Exchange FZE is a subsidiary of FTX Europe and the Middle East division of FTX, a cryptocurrency exchange built by traders, for traders.  Through FTX Exchange FZE, users in the Middle East will soon be able to access FTX’s innovative products, including industry-leading derivatives, options and volatility products, tokenized stocks, and other services and products.

About FTX.COM

FTX is a cryptocurrency exchange built by traders, for traders. It offers innovative products, including industry-leading derivatives, options and volatility products, tokenized stocks, prediction markets, leveraged tokens and an OTC desk. FTX strives to be an intuitive yet powerful platform for all kinds of users, and to be the most innovative exchange in the industry.

To learn more about FTX.COM, please visit: https://ftx.com

FTX.COM is not available to US residents or residents of other prohibited jurisdictions, as set out in its Terms of Service.

About VARA

Dubai Virtual Assets Regulatory Authority [VARA] is the world’s first specialised regulator for the Virtual Assets sector. Established in March 2022, following the effect of Law No.4 of 2022, VARA is responsible by decree for licensing and regulating the Virtual Asset sector in the Emirate of Dubai and its free zone territories [excluding DIFC], and oversees all licensing requirements and applications for authorisation of Virtual Asset activities under UAE law. VARA plays a central role in creating Dubai’s advanced legal framework to protect investors and establish international standards for Virtual Asset industry governance, while supporting the vision for a borderless economy.

Media Contact
Jay Morakis
M Group Strategic Communications (on behalf of FTX)
+1 646 859 5951
ftx@mgroupsc.com

Logo – https://mma.prnewswire.com/media/1869148/Logo_black_bg_Logo.jpg

JAKARTA, Indonesia, July 29, 2022 /PRNewswire/ — PT Dayamitra Telekomunikasi Tbk (IDX: MTEL) or Mitratel, recorded a revenue of IDR 3.72 trillion in H1 2022, increasing 15.5% compared to H1 2021. This also contributed to the company’s net profit soaring 27.2% to IDR 892 billion.

“In H1 2022 post-IPO, we had solid fundamentals for sustainable growth driven by organic growth strategy, strong revenue from tower-related businesses, product innovations, and cost efficiency,” said Mitratel President Director Theodorus Ardi Hartoko, better known as Teddy Hartoko.

The earnings before interest, taxes, depreciation, and amortization (EBITDA) and net profit margins in H1 2022 increased to 77.5% and 23.9%, respectively, with the EBITDA margin of tower rental portfolios increasing to 85.2% as the main contributor. This was achieved by cost efficiency and selecting revenue from businesses with higher margins for higher profitability in the industry.

In H1 2022, most revenue contributions came from tower rental incomes, which grew 13.5% from IDR 2.93 trillion to IDR 3.33 trillion, as well as other tower-related businesses, which increased 35.4% to IDR 399 billion.

The number of towers owned by Mitratel in H1 2022 reached 28,787, with 5,555 additional towers or 23.9% growth from H1 2021. The number of tenants increased by 20.3%, from 36,507 tenants to 43,900 tenants.

The company’s total asset was recorded at IDR 55.06 trillion, with equity of IDR 33.49 trillion. Total liabilities in H1 2022 decreased by 10.4% to IDR 21.56 trillion, in line with the payment of long-term loans worth IDR 5.1 trillion, including early payment of IDR 4.3 trillion long-term debts using excess cash from operating activities and refinance loans at lower interest rates.

Mitratel is a telecommunications tower company consisting of the largest tower and number of subscribers growth in 2017 to 2021. Mitratel’s biggest anchor customer, Telkomsel, has the largest cellular operator and the best credit rating. This gives telecommunication operators and non-operator tenants a chance to expand their service coverage to include other supporting businesses. Furthermore, Mitratel has no risk to foreign currency fluctuations as all loans are in Indonesian Rupiah. The debt to equity and net debt to EBITDA ratios were maintained at 44.3% and -0.4x.

Going forward, Mitratel will continue with its strategic initiatives to maintain its position in the market, strengthen new business portfolios, accelerate inorganic growth targeting 6,000 towers this year, and increase profitability and cash flow through cost efficiency.

“We are targeting an EBITDA margin of more than 80% in this medium-term through a series of programs that facilitate telecommunication operators in Indonesia to expand the reach using the collocation of Mitratel towers. We have prepared well-rounded solutions with attractive a business scheme for all telecommunication operators namely by bundling solutions such as tower, connectivity, and power. The connectivity includes fiber access (dark fiber, capacity leased, and hybrid) and non-fiber access (satellite). With these innovative product solutions, Mitratel aims to provide convenience to all operators to develop telecommunication networks throughout Indonesia, especially outside Java,” concluded Theodorus.