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Crypto Exchange OKX Secures Virtual Assets License in Dubai

The Dubai Virtual Assets Regulators Authority (VARA) has granted crypto exchange OKX, formerly OKEx, a provisional virtual assets license. OKX announced this bullish news through a press release on July 14. The license would allow the Seychelles-based exchange to offer select services to qualified investors in the United Arab Emirates (UAE).

According to the press release, the license will also allow OKX to build a regional hub at the Dubai World Trade Center. This hub would go a long way in helping the Dubai and global crypto ecosystem expands rapidly, per the publication.

Explaining why it sought the VARA license, Lennix Lai, General Manager, OKX Dubai, said:

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.

The exchange added that it advocates for sound regulation. To this end, it aims to engage in constructive dialogue to promote Dubai as a crypto hub. OKX further noted that the newly-obtained license would help it expand the crypto industry in a safe and user-friendly manner. 

Dubai Proves an Alluring Destination for Big Crypto Exchanges

OKX has become the latest crypto exchange to obtain a virtual asset license from Dubai’s VARA. FTX became the first exchange to win VARA’s approval in March 2022. Kraken and Binance followed soon afterward. With several leading crypto exchanges already operating in Dubai, OKX is about to meet stiff competition.

This news comes after Sheikh Mohammed bin Rashid Al Maktoum, prime minister and ruler of the United Arab Emirates, announced the formation of VARA in March. Al Maktoum also announced a new virtual assets law for protecting investors and establishing crypto governance standards.

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At the time, Sheikh Al Maktoum said:

Approving the virtual asset law and establishing the Dubai Virtual Asset Regulatory Authority is a vital step that establishes the UAE’s position in this sector a step that aims to help the sector to grow and protect investors.

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