Summary:
- Dubai’s regulatory body granted provisional approval to OKX.
- The crypto exchange has bagged a virtual asset license and can offer trading facilities to investors in the United Araba Emirates.
- OKX also plans to open a regional headquarters in Dubai.
- The move is part of expansion efforts despite a downturn in the crypto market.
- Other exchanges like FTX and Kraken bagged similar licenses in the UAE.
Major cryptocurrency exchange OKX has received provisional approval from Dubai’s digital asset regulatory agency and can now offer investment services to customers in the United Arab Emirates as the platform moves to expand its business operations around the world.
The Seychelles-based crypto company won a virtual asset license from Dubai’s Virtual Assets Regulatory Authority (VARA) and can offer investment services to pre-qualified investors and financial institutions, per the official announcement released on Thursday.
VARA was established in March by Emirati authorities under Law No.4 of 2022. The agency is tasked to oversee digital assets operations and crypto licensing procedures as the UAE makes effort to position itself as a prime location for crypto businesses.
Along with the crypto license, OKX also plans to open a regional hub in Dubai to serve as a headquarters for its Middle Eastern division. The platform has intentions to support the burgeoning digital asset ecosystem in the Emirates as well, per comments from regional General Manager Lennix Lai.
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. 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.
OKX Joins Growing List Of Exchanges With Crypto Licenses In Dubai
OKX is the latest digital asset exchange to clinch regulatory approval from Emirati authorities. As EthereumWorldNews reported, major platforms like FTX and Kraken each bagged a crypto license in Dubai.
The UAE’s decision to bolster its virtual currency space and support crypto innovation has supposedly the region as a booming jurisdiction for crypto businesses. Binance also has a presence across Emirati states like Abu Dhabi and Bahrain with a crypto license to operate in Dubai’s trade center as well.