Seychelles-based crypto trading app OKX recently became the latest virtual asset service provider to obtain a provisional license to provide its services in the United Arab Emirates (UAE). The provisional license allows OKX to extend certain exchange products and services to pre-qualified investors and financial service providers.
OKX allowed to extend certain exchange products
Dubai’s digital asset regulator, the Virtual Assets Regulatory Authority (VARA), recently granted Seychelles-based crypto trading platform OKX an “interim virtual asset license to provide services to qualified investors in the UAE” .
According to a statement issued by OKX, this license “allows it to extend certain exchange products and services to pre-qualified investors and financial service providers”. Commenting on VARA’s decision to grant the provisional license, OKX’s Managing Director for Dubai, Lennix Lai said:
The MENA region is one of the fastest growing markets for our industry, and we are very happy to be at the heart of this thriving ecosystem. OKX looks forward to contributing significantly to the free exchange of ideas that will be so important to the development of this space while innovating for the future within a regulated framework.
In the statement, OKX said it is committed to helping build the necessary infrastructure as well as its team in the United Arab Emirates (UAE). OKX added that it will also participate in the VARA regulatory ecosystem “facilitating research and knowledge sharing with the aim of making Dubai a leading hub for the global virtual asset industry.”
Dubai, a leading hub for the crypto industry
Since his establishment earlier this year, VARA provisionally granted approvals or licenses to cryptocurrency exchange platforms ranging from Binance to the Bahrain-based company Coinmena. According to OK Group Global Government Relations Manager Tim Byun, by granting OKX the provisional license, VARA has once again proven that it is “one of the industry’s leading global hubs”.
The provisional license also reflects the UAE’s leadership in developing the future global economy, Byun added.
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