Dubai, United Arab Emirates, June 15th, 2023, Chainwire
OKX has received a Minimal Viable Product (MVP) Preparatory license from the Dubai Virtual Assets Regulatory Authority (VARA). The company plans to expand its operations in the UAE, where it sees significant growth potential, and has opened a new office in Dubai World Trade Center. OKX Middle East will offer spot, derivatives, and fiat services, including USD and AED deposits, withdrawals, and spot-pairs, to institutional and qualified retail customers. Additionally, OKX plans to extend its brand partnerships to the UAE with customer and fan-focused activations and activities. OKX Middle East gets MVP preparatory license from VARA in Dubai.
OKX Global Chief Commercial Officer Lennix Lai said: “We're thrilled to receive the MVP preparatory license from VARA. Regulated entities are the future of digital assets and capital markets and Dubai and VARA have succeeded in creating a unique environment where VASPs can thrive. With the expansion into a new office this year, we are focused on hiring local staff and senior management. The MENA region has incredible potential as a center of excellence for Web3 and virtual assets, we look forward to the opportunity to expand the already growing ecosystem across the region.”
OKX Global Head of Government Relations Tim Byun said: “Dubai and VARA are world leaders in crypto regulation by establishing the most timely, comprehensive and built from-the-ground-up framework for virtual assets and Web3. Licensing in Dubai is a critical element of OKX’s global regulatory compliance strategy. In today’s uncertain market environment, it's of the utmost importance for VASPs to be highly secure, transparent, compliant and backed by strong, clear regulation. Under VARA’s comprehensive framework, all operators must meet high standards of compliance, risk management, security and consumer protection, benchmarked against well-known existing regulatory principles for traditional financial services. This provides confidence to operators and customers alike, and positions the crypto and Web3 industry in MENA for increased participation and overall growth in the near and long term.”
OKX Chief Marketing Officer Haider Rafique said: "We've been waiting to enter the UAE and we want people here to experience our products first hand. We're different - we do things in a measured and transparent manner. May was our seventh consecutive month of publishing our proof of reserves, making us the only crypto exchange globally with that commitment. We've done that while out-innovating the industry in Web3 with our leading decentralized ecosystem. We've also launched numerous new security features while adding more depth in markets. This attitude is consistent with the brand partners who represent us, Manchester City Football Club, McLaren Racing, and the Tribeca Festival. We take our time, and do things the right way."
For more information on OKX, please visit OKX.com.
About OKX
OKX is a leading technology company focused on Web3. It has a reliable crypto trading platform trusted by over 50 million users and is the second largest globally by trading volume. OKX offers self-custody solutions, including the OKX Wallet, which allows users greater control of their assets and access to DEXs, NFT marketplaces, DeFi, GameFi, and thousands of dApps. The company partners with top brands and athletes, including Manchester City F.C., McLaren Formula 1, and Olympian Scotty James. OKX prioritizes transparency and security and publishes its Proof of Reserves monthly. Visit okx.com or download the app to learn more.
About VARA
Dubai's Virtual Assets Regulatory Authority (VARA) is the world's first specialized regulator for the virtual assets sector. Established in March 2022, VARA is responsible for regulating, supervising, and overseeing virtual assets and activities in all zones across Dubai (excluding the Dubai International Financial Centre). VARA aims to create a legal framework to protect investors and establish international standards for the virtual asset industry governance while supporting the vision for a borderless economy. This announcement is for informational purposes only and should not be considered as investment, tax, or legal advice. Trading or holding digital assets involves a high degree of risk and should be carefully considered. It is recommended to consult a legal/tax/investment professional for specific circumstances.
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