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 Establishes a Regional Business Hub in Dubai
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. Since 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, the Global Head of Government Relations at the exchange, noted that licensing in Dubai is a crucial part of OKX's global regulatory compliance strategy.
"In today's uncertain market environment, it's critical for VASPs to be secure, transparent, compliant and backed by clear regulation. Under VARA's comprehensive framework, all operators must meet high standards of compliance, risk management, security and consumer protection."
In addition, the Chief Marketing Officer of OKX, Haider Rafique, expressed enthusiasm about entering the UAE market. "We've been waiting to enter the UAE and want people here to experience our products firsthand," Rafique commented.
As a major technology company shaping the Web3 industry, OKX is one of the fastest-growing crypto trading platforms for investors. More than 50 million global users recognize the OKX crypto exchange.
After France and Hong Kong, It Is Time for Dubai
Before announcing its expansion in the Middle East, OKX applied for a French digital asset service provider (DASP) license. The company aims to establish the country as its regional hub in the Old Continent. OKX has already established a new local subsidiary called OKX France to achieve that goal.
In addition, the cryptocurrency exchange is focused on obtaining a digital asset license in Hong Kong and setting up an office in the self-administrative region of China.
Recently, OKX released an updated Proof of Reserves (PoR) report, which reveals a substantial $10 billion collateralized by BTC, ETH, and USDT.
This article was written by Damian Chmiel at www.financemagnates.com.
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