OKX, a cryptocurrency exchange based in Seychelles, stated that it had obtained a temporary virtual assets license in Dubai. According to the official press release, the Dubai Virtual Assets Regulators Authority granted the license, a division of the Dubai World Trade Center Authority (VARA).
Now that they are qualified, OKX can provide specific services to investors in the United Arab Emirates, the larger Gulf Cooperation Council, Africa, and other regions.
To help the region’s virtual asset ecosystem grow after receiving approval, OKX intends to establish a regional center at the Dubai World Trade Center. The crypto exchange also engages in constructive discourse to enhance the regulatory and legislative discussion.
Other cryptocurrency businesses, including Binance, FTX, and Kraken, have all received licenses from Dubai’s VARA in addition to OKX. Recently, the watchdog also granted CryptoCom provisional approval.
The UAE, one of the biggest cryptocurrency marketplaces, has been trying to entice some of the most well-known crypto and fintech companies worldwide. In a similar vein, OKX General Manager Lennix Lai said, “We are delighted to be at the center of this thriving ecosystem. The MENA area is one of the fastest-growing markets for our sector.
As it innovates for the future within a regulated environment, OKX looks forward to significantly contributing to the open flow of ideas that will be crucial to the development of this field.
Additionally, the most recent development occurred only days after the well-known trading platform signed a collaboration agreement with Premier League champion Manchester City F.C.
