OKX Scores VA License to Provide Trading Services in the UAE

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Looking at the past few months, it seems like the Dubai VARA is granting licenses left and right to become “one of the top global hubs for the industry.”

OKX, a Seychelles-based crypto exchange, has recently announced that it secured a provisional virtual assets (VA) license in Dubai that will allow the platform to offer investors and financial services providers its trading services.

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According to the official announcement issued on July 14th, the license, granted by the Dubai Virtual Assets Regulatory Authority (VARA), will allow the exchange to extend products and services offered in the United Arab Emirates (UAE).

The news arrives a month after OKX’s rival Crypto.com bagged a conditional Virtual Asset MVP license in Dubai, through which the Singapore-based crypto exchange will be able to boost its position in the market. Back in March, FTX also secured a license, allowing the platform to operate its “Virtual Asset (VA) Exchange and Clearing House Services in Dubai.”

Nonetheless, the official report read that OKX, one of the world’s biggest crypto exchanges by trading volume, is also planning to roll out a regional hub in Dubai to develop the promising digital asset environment in the country.

Tim Byun, government relations officer at OK Group, mentioned that OKX is thrilled to participate in an environment, where digital assets are seen as a golden opportunity for additional growth. He added:

“Dubai is a pioneer when it comes to regulation of the virtual assets sector, and it is swiftly becoming one of the top global hubs for the industry.”

Lennix Lai, general manager at OKX, noted that the company is looking forward to working in a regulated framework by contributing to the local thriving environment and facilitating research in the VARA regulatory ecosystem.

With this in mind, the crypto exchange previously mentioned that it is also looking to expand its team by around 30% and employ people who have experience in the product and technology fields.

In other news, it seems as though the crypto bear market hasn’t fazed the company at all, as earlier this week, OKX joined forces with English Premier League (EPL) champions Manchester City. As part of the deal, OKX will become Man City’s Official Training Kit Partner for the 2022-2023 season.

Gyth L. - Crypto Analyst

by Gyth L. – Crypto Analyst, BitDegree


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