Seychelles-based cryptocurrency exchange and derivative exchange OKX has grown into becoming a regulated digital asset service provider in the Bahamas.
As per a published statement, OKX is now registered and licensed as a Digital Asset Business in the Bahamas, inching the exchange closer to the company’s goal of global expansion in regulated markets.
Therefore, OKX now operates a subsidiary market in the Bahamas which will be called OKX Bahamas.
This approval was concluded under the newly endorsed Digital Assets and Registered Exchanges (DARE) Act. Dr. Jillian Bethel, a Bahamian local and a blockchain technology expert has been appointed as the Chief Executive Officer of OKX Bahamas.
“The DARE Act has made The Bahamas a pioneer in digital asset adoption, and I’m proud to lead the OKX Bahamas team in championing crypto. As a gateway to the Caribbean and the broader Americas, The Bahamas is opening new doors for local talent and global businesses to thrive here with forward-looking policy,” OKX Bahamas CEO announced
OKX Leverage Regulated Crypto Markets
For the trading platform decision to delve into the Bahamas was made to leverage the regulated market present in the region. The derivative exchange perceives the Bahamas as a place for strategic growth due to the effective regulatory framework which was put in place by the Securities Commission of the Bahamas.
Tim Byun, Global Government Relations Officer at OKX said “OKX is thrilled about our expansion into The Bahamas under the innovative DARE Act. We are prioritizing growth in regulated markets because we want to enable responsible crypto activity globally. By working with forward-looking authorities like the Securities Commission of The Bahamas, we can create safe and sustainable environments for crypto to exist.”
Additionally, OKX Bahamas now has an office based in Nassau, the capital city of the Bahamas. With this new office, over 100 jobs will be made available to other Bahamian natives.
At the beginning of the second half of the year, OKX who earlier became the official exchange partner of football club Manchester City also received the provisional virtual assets (VA) license in Dubai by the Virtual Assets Regulatory Agency (VARA). Presently, the exchange is still pursuing licenses in other regions willing to offer a regulatory framework.