OKX has received a provisional virtual-asset license from the Dubai Virtual Assets Regulatory Authority (VARA), the industry regulator
July 15, 2022
Global cryptocurrency exchange OKX has secured a provisional virtual-asset license in Dubai. The Seychelles-based company plans to set up a regional hub in the emirate and hire more than 100 employees, its CEO told Zawya.
OKX has received a provisional virtual-asset license from the Dubai Virtual Assets Regulatory Authority (VARA), the industry regulator.
“Regulation is the way forward for the sector. VARA is fostering an ecosystem to make Dubai the top global virtual asset industry hub,” OKX CEO Jay Hao, told Zawya.
OKX’s provisional license for Dubai allows it to extend certain exchange products and services to pre-qualified investors and financial service providers.
“In the short-term, OKX will work closely with the regulator to help them understand OKX’s products and services to launch a compliant and robust platform, secure new offices to serve as OKX’s regional hub, and hire 100+ exceptionally talented staff members from the growing Dubai ecosystem,” Hao said.
“In the medium and long-term, OKX will continue to expand our innovative suite of products & services and continue to acquire top talent,” he added.
The Middle East and North Africa are one of the fastest-growing markets for the crypto industry. OKX, which was founded in 2017, has more than 20 million global customers in over 180 international markets, according to its website.
UAE has been successful in attracting some of the biggest crypto and fintech firms. Binance the world’s largest crypto exchange was given a license from VARA in March.
“The UAE has a high concentration of crypto natives and sophisticated traders. As one of the most powerful exchanges with robust trading tools, OKX wants to galvanize this constituency and support responsible trading behaviors,” Hao said.
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