OKX Middle East Receives MVP Preparatory License From VARA in Dubai

June 15, 2023 – Dubai, United Arab Emirates

UAE to serve as strategic global and regional business hub, and OKX to expand to 30 staff members.

OKX, the second-largest crypto exchange by trading volume and a leading Web 3.0 technology company, today announced that OKX Middle East (OKX Middle East Fintech FZE) has received an MVP (minimal viable product) preparatory license from the Dubai VARA (Virtual Assets Regulatory Authority).

The UAE is a key strategic growth and business hub for OKX globally and in the region, and the company plans to scale OKX Middle East’s operations.

As part of this effort, OKX has opened a new office in the Dubai World Trade Center and will seek to expand its number of Dubai staff to 30, with a focus on local hires and senior management.

OKX also plans to extend its nine-figure brand partnerships to the UAE with customer and fan-focused activations and activities.

The MVP preparatory license allows approved licensees to fulfill all pre-conditions required to undertake MVP operations within the VARA regime.

Once licensed to be operational, OKX Middle East will be able to extend its approved suite of duly regulated virtual assets activities and will provide spot, derivatives and fiat services, including USD and AED deposits, withdrawals and spot-pairs, to institutional and qualified retail customers.

Lennix Lai, global chief commercial officer at OKX, said,

“We’re thrilled to receive the MVP preparatory license from VARA. Regulated entities are the future of digital assets and capital markets, and Dubai and VARA have succeeded in creating a unique environment where VASPs can thrive.

“With the expansion into a new office this year, we are focused on hiring local staff and senior management. The MENA region has incredible potential as a center of excellence for Web 3.0 and virtual assets – we look forward to the opportunity to expand the already growing ecosystem across the region.”

Tim Byun, global head of government relations at OKX, said,

“Dubai and VARA are world leaders in crypto regulation by establishing the most timely, comprehensive and built-from-the-ground-up framework for virtual assets and Web 3.0. Licensing in Dubai is a critical element of OKX’s global regulatory compliance strategy.

“In today’s uncertain market environment, it’s of the utmost importance for VASPs to be highly secure, transparent, compliant and backed by strong, clear regulation. Under VARA’s comprehensive…