Serving the web3 ecosystem with its crypto trading app, OKX has received a provisional crypto license from the Dubai Virtual Assets Regulators Authority (VARA) and plans to establish a regional hub.
The Seychelles-based company will be permitted to provide additional services to qualified investors and financial service providers in the United Arab Emirates (UAE), the broader Gulf Cooperation Council, Africa and elsewhere.
The UAE passed its first virtual asset law and established VARA as the sector’s regulator.
Lennix Lai, General Manager, OKX Dubai, said that the MENA region is “one of the crypto industry’s fastest-growing markets, and we are proud to meaningfully contribute to its free exchange of ideas and future regulatory framework. Dubai is also a pioneer in the virtual asset industry, and we are excited to participate in its sound compliance framework and development.”
The exchange will then facilitate research and knowledge sharing within the VARA regulatory ecosystem. The team emphasized that regulatory compliance is important to them because it protects users.
Tim Byun, Global Government Relations Officer, OKX 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.”
The Crypto Times previously reported that Kraken had become the second virtual asset platform to receive regulatory approval to operate in Abu Dhabi, following CZ’s Binance.
