Cryptocurrency exchange OKX obtains a temporary Dubai license
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Answer Cryptocurrency exchange OKX obtains a temporary Dubai license
Cryptocurrency exchange OKX yesterday confirmed that the company has obtained a temporary virtual asset license from the Dubai Virtual Asset Regulatory Authority (VARA) to facilitate access to qualified investors through an approved list of products and services.
OKX indicated that the company aims to offer technology-driven products and services in a regulated environment.
OKX plans to build a regional hub in Dubai to expand its international presence.
The cryptocurrency exchange highlighted the growing popularity of digital assets.
Lynx Lai, Managing Director of OKX Dubai commented:
The Middle East and North Africa region is one of the fastest growing markets in our industry.
Read:BUX Completes Acquisition of Blockport After Declaring Bankruptcy
We are very excited to be at the heart of this thriving ecosystem.
OKX is looking forward to meaningfully contribute to the free exchange of ideas that will be very important for the development of this space while innovating for the future in an organized framework.
Additionally, OKX has expanded its commercial and marketing activities across various regions in the past few months.
OKX has recently become the official shirt sponsor of Manchester City Football Club.
The expansion of the crypto industry in Dubai:
Dubai is gaining popularity among the leading cryptocurrency companies around the world as a global hub for crypto innovation.
Last month, Crypto.com received provisional approval from regional regulatory authorities.
According to Tim Byun, Global Government Relations Officer at OK Group:
Dubai is a pioneer in cryptocurrency regulations.
He added:
Dubai is a leader when it comes to regulating the virtual asset sector.
It quickly became one of the best global centers of the industry.
Read:Report: A fraudulent laundered Bitcoin (BTC) on the Binance platform!
We at OKX are pleased to participate in the sound compliance framework established by the Virtual Asset Regulatory Authority in Dubai, which reflects the leadership of the UAE in terms of nurturing the global economy into the future.
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