Cryptocurrency trading platform, OKX has been granted the provisional virtual assets (VA) license in Dubai by the Virtual Assets Regulatory Agency (VARA). While it is now the latest crypto exchange to win this license, OKX will now be able to provide services to qualified investors in the UAE in a regulated environment.
In order to maximize the potential of this new license, OKX said it will 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.”
Now that it has become a part of the Dubai crypto ecosystem, OKX said it will participate in events that VARA has interests, and will be “facilitating research and knowledge sharing with the goal of making Dubai a leading hub for the global virtual assets industry.”
OKX and the Dubai Match
With digital assets becoming one of the most talked about investment assets in the world of finance today, Dubai is gradually turning into a haven for crypto startups.
As early as March this year, Dubai inaugurated a new crypto regulator and published a new set of rules to govern the nascent ecosystem. Since then quite a number of crypto exchanges including Huobi and Binance after Changpeng Zhao met with officials in Dubai.
That OKX also joined this list is evident that Dubai is becoming one of the most receptive regions in the Middle East to crypto-focused businesses and firms.
“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 Assets Regulatory Authority has established, and which reflects the UAE’s leadership as far as nurturing the global economy of the future,” said Tim Byun, Global Government Relations Officer, OK Group.