Dubai Regulator Grants Crypto Trading App OKX License to Extend Services in the UAE – Regulation Bitcoin News

OKX, a crypto trading platform based in Seychelles, was recently granted a provisional license to operate its virtual assets services in the United Arab Emirates. OKX can now extend some exchange products and services for pre-qualified investors as well as financial service providers with the provisional license.

OKX Allows Expansion of Certain Exchange Products

The Dubai digital asset regulator, the Virtual Assets Regulatory Authority (VARA), recently granted the Seychelles-based crypto trading platform OKX a “provisional virtual assets license to provide services to qualified investors in the UAE.”

According to a statement released by OKX, this license “allows it to extend certain exchange products and services to pre-qualified investors and financial service providers.” Remarking on the VARA’s decision to grant the provisional license, OKX general manager for Dubai, Lennix Lai said:

We are excited to contribute to this vibrant ecosystem. The MENA market is the most dynamic for our industry. OKX hopes to contribute meaningfully in the exchange of ideas, which is so vital to the advancement of this industry. However, OKX will also be innovating for tomorrow in a controlled framework.

OKX stated that it will help build infrastructure and its UAE team. OKX added that it will also participate in the VARA regulatory ecosystem “by facilitating research and knowledge sharing with the goal of making Dubai a leading hub for the global virtual assets industry.”

Dubai is a top hub for the crypto industry

VARA granted licenses and provisional approvals for cryptocurrency exchange platforms ranging from Binance to Coinmena, Bahrain. According to Tim Byun, the Global Government Relations Officer at the OK Group, by granting OKX the provisional license VARA has once again proved that it is “one of the top global hubs for the industry.”

The provisional license is also a reflection of the UAE’s leadership in nurturing the future global economy, Byun added.

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Terence Zimwara

Terence Zimwara was a Zimbabwe award-winning journalist and writer. His writings have covered the economic problems of several African countries and how digital currency can offer an escape route.