OKX, one of
the largest crypto exchanges by trading volumes, has announced that it has been
granted a Minimal Viable Product (MVP) Preparatory license from the Dubai
Virtual Assets Regulatory Authority (VARA). With the newly obtained authorization,
OKX plans to expand in the region and increase current employment as the Virtual Asset Service Provider (VASP).
OKX has
established a new office at the Dubai World Trade Center as part of its
expansion. The company aims to bolster its local staff to 30 members, focusing
on local hires and senior management roles. In addition, OKX plans to extend
its brand sponsorships to the United Arab Emirates (UAE).
The UAE is
vital to OKX’s global and regional strategic growth plans. Obtaining the MVP
preparatory license marks the first step for the company to meet all
prerequisites required for MVP operations under VARA’s guidelines.
Once OKX
Middle East secures its operational license, it will be poised to diversify its
approved range of regulated virtual assets services. These services will
encompass spot trading, derivatives, and fiat transactions, including USD and
AED deposits and withdrawals.
“We’re
thrilled to receive the MVP preparatory license from VARA,” Lennix Lai, the
Global Chief Commercial Officer of OKX, commented. “Dubai and VARA have
created a unique environment where VASPs can thrive. The MENA region holds
remarkable potential as a centre of excellence for Web3 and virtual assets. We
eagerly anticipate the opportunity to expand the already growing ecosystem
across the region.”
OKX has received an MVP Preparatory License from Dubai’s VARA, marking a pivotal step in our strategic UAE expansion. 🎉
New hires, new office & extended partnerships—we’re proud to shape the Web3 & crypto landscape in the Middle East. 🤝
Learn more: https://t.co/9Akhh88JP4pic.twitter.com/HmHd8CMq4y
— OKX (@okx) June 15, 2023
OKX secured
its inaugural license in Dubai back in July 2022. As Dubai is positioning
itself as a cryptocurrency hub, regulatory changes in the region are rapidly
evolving, with crypto firms being able to apply for various types of
authorization. The latest license will enable the exchange to expand its
existing services in this part of the world.
OKX Makes Strategic Move
in Regulation
Tim Byun,…
