Dubai is becoming one of the most favourable destinations for cryptocurrency companies.
OKX, one of the leading cryptocurrency exchanges in the world, announced on Thursday, July 14th, that it had gained approval to operate in Dubai, the United Arabs Emirate.
According to its press release today, OKX said it had been granted a provisional virtual assets (VA) license to provide services to qualified investors in the UAE.
The licence was issued by the Dubai Virtual Assets Regulatory Authority (VARA), allowing the exchange to provide certain exchange products and services to pre-qualified investors and financial service providers within the UAE.
The cryptocurrency exchange added that it would also establish a regional hub in Dubai to contribute to developing the ever-expanding virtual asset ecosystem within the region.
Lennix Lai, General Manager, OKX Dubai, commented on this latest development, stating that;
“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 will be so important to the development of this space while innovating for the future in a regulated framework.”
OKX has become one of the leading cryptocurrency exchanges in the world and continues to build despite the ongoing bear market.
Tim Byun, Global Government Relations Officer, OK Group, said the company is excited to expand its reach to the UAE. he stated that;
“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.”
Thanks to this latest development, OKX said it would be participating in the VARA regulatory ecosystem. The crypto exchange will help by facilitating research and knowledge sharing with the goal of making Dubai a leading hub for the global virtual assets industry.