Dubai’s Virtual Asset Regulator Grants Provisional License to OKX

Dubai's Virtual Asset Regulator Grants Provisional License to OKX

  • The company is dedicated to helping grow the UAE’s infrastructure and personnel.
  • Dubai’s crown prince recently tweeted about the new metaverse plan.

According to the Dubai virtual asset regulator, the Virtual Assets Regulatory Authority (VARA), OKX has been awarded a “provisional virtual assets license” to offer services to eligible investors in the United Arab Emirates. This license “allows it to extend certain exchange products and services to pre-qualified investors and financial service providers,” according to an OKX statement.

Lennix Lai, the general manager of OKX in Dubai, stated:

“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.”

Dubai: Global Financial Hub

An OKX spokesperson stated that the company is dedicated to helping grow the UAE’s infrastructure and personnel. OKX hopes to make Dubai a “leading hub” for the worldwide virtual asset sector by promoting research and information exchange.

VARA has issued provisional permissions or licenses to various cryptocurrency exchange platforms since its inception earlier this year, including Binance and the Bahrain-based CoinMena. VARA’s decision to award OKX a provisional license shows that it is “one of the top global hubs for the industry,” says Tim Byun, the Global Government Relations Officer of the Group.

Byun further noted that the UAE’s leadership in fostering the future global economy is reflected in the provisional license. In addition, Dubai’s crown prince recently tweeted about the new metaverse plan, which is interesting.

The tweet read:

“We launched the Dubai Metaverse Strategy today, which aims to foster innovation in new technology. Dubai is home to over 1,000 companies operating in the metaverse and blockchain sector, which contributes $500 million to our national economy.”

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