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.
Disclaimer: The content of the above information is sourced (or provided), in entirety or in parts from an external source and the content may or may not be edited. The Wealth Today shall not be held liable for damages arising out of any action taken with respect to the use or consumption of information or service published above or anywhere else on the website. This website does not guarantee the accuracy, views, opinions, or any promises expressed in the above news.
If you find any errors or discrepancies in the above information, you can write to us at email@example.com.