Crypto exchange OKX obtained Dubai’s Virtual Assets Regulatory Authority (VARA) provisional licence with ambitious expansion plans in the city.
This licence will help the firm innovate for the future while providing services to qualified investors in the UAE, the company said in a statement.
The company will build a regional team to support its growing crypto ecosystem while the virtual asset ecosystem in Dubai continues to expand.
“The MENA region is one of the fastest growing markets for our industry, and we are very excited to be at the heart of this thriving ecosystem. OKX looks forward to contributing meaningfully to the free exchange of ideas that is going to be so important to the development of this space while innovating for the future in a regulated framework,” said Lennix Lai, General Manager of OKX Dubai.
With Dubai becoming one of the top global hubs for the crypto industry, this is seen to be a move to embrace the global economy of the future. OKX is also a participant in the VARA regulatory ecosystem, enabling research and knowledge sharing as Dubai seeks to stake its claim to become a leading hub for the global virtual assets industry.
The UAE has already made bets on the future of cryptocurrency, with early adoption of technology and regulatory frameworks. Meanwhile, school and businesses now accept crypto payments joining the cryptocurrency markets in the world.
OKX’s latest offering is the OKX Wallet, offering access to customers to the world of NFTs and the metaverse.
VARA is the world’s first regulator for the Virtual Assets sector protecting investors and promoting international standards for Virtual Asset industry governance. It is also the first government ministry in the world to set up an office in the metaverse.
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