Crypto trading app OKX has received a provisional virtual assets (VA) licence to provide services to qualified investors in the UAE.
Granted by the Dubai Virtual Assets Regulatory Authority (VARA), OKX’s provisional license allows the company to extend certain exchange products and services to pre-qualified investors and financial service providers.
OKX will also establish a regional hub in Dubai to contribute to developing the ever-expanding virtual asset ecosystem both in Dubai and globally.
“The MENA region is one of the fastest growing markets for our industry, and we are very excited to be at the heart of this thriving ecosystem,” said Lennix Lai, General Manager, OKX Dubai.
“OKX looks forward to contributing meaningfully to the free exchange of ideas that is going to be so important to the development of this space while innovating for the future in a regulated framework.”
According to OKX, with the UAE’s growing local crypto ecosystem and balanced regulatory framework, they are committed to building out both their team and the necessary infrastructure in the country.
Crypto app OKX forays into the metaverse with Everdome partnership
Tim Byun, Global Government Relations Officer, OK Group, said, “Dubai is a pioneer when it comes to regulation of the virtual assets sector, and it is swiftly becoming one of the top global hubs for the industry. We at OKX are thrilled to be participating in the sound compliance framework that Dubai’s Virtual Asset Regulatory Authority has established, and which reflects the UAE’s leadership as far as nurturing the global economy of the future.”
Looking ahead, OKX will participate in the VARA regulatory ecosystem by facilitating research and knowledge sharing with the goal of making Dubai a leading hub for the global virtual assets industry.
