UAE to serve as a strategic global and regional business center, OKX to grow to 30 staff
OKAYThe second largest crypto exchange by trading volume and a leading Web3 technology company, announced today that OKX Middle East Fintech FZE (OKX Middle East) has received a Preparatory Minimal Viable Product (MVP) license from the Dubai Virtual Assets Regulatory Authority (VARA).
The UAE is a key strategic growth and business hub for OKX globally and in the region, and the company plans to increase OKX’s operations in the Middle East. As part of this effort, OKX has opened a new office in the Dubai World Trade Center, and will expand its Dubai staff size to 30 with a focus on local employees and senior management. OKX also plans to expand its nine-figure brand partnership to the UAE with customer and fan-focused activations and activities.
MVP preparation licenses enable approved licensees to fulfill all necessary prerequisites to conduct MVP operations within the VARA regime. Once licensed to operate, OKX Middle East will be able to expand its suitably regulated suite of virtual asset activities and will provide spot, derivatives and fiat services, including deposits, withdrawals and spot USD and AED pairs, to institutional and qualifying retail customers.
OKX Global Chief Commercial Officer Lennix Lai said: “We are very pleased to receive the MVP preparation license from VARA. Regulated entities are the future of digital asset and capital markets and Dubai and VARA have succeeded in creating a unique environment in which VASPs can thrive. With the expansion into new offices this year, we are focusing on recruiting local staff and senior management. The MENA region has tremendous potential as a center of excellence for Web3 and virtual assets, and we look forward to the opportunity to expand the already thriving ecosystem across the region.”
OKX Head of Global Government Relations Tim Byun said: “Dubai and VARA are world leaders in crypto regulation by building the most timely, comprehensive, and built-from-scratch framework for virtual assets and Web3. Licensing in Dubai is an important element of OKX’s global regulatory compliance strategy. In today’s uncertain market environment, it is critical for VASPs to be highly secure, transparent, compliant and backed by strong and clear regulations. Under VARA’s comprehensive framework, all operators must meet high standards of compliance, risk management, security and consumer protection, adhering to existing regulatory principles for traditional financial services. This gives operators and customers confidence, and positions the crypto and Web3 industry in MENA for increased participation and overall growth in the short and long term.”
OKX Chief Marketing Officer Haider Rafique said: “We have been waiting to enter the UAE and we want people here to experience our products first hand. We are different – we do things in a measurable and transparent way. May is the seventh month in a row that we publish our proof of reserve, making us the only crypto exchange globally with that commitment. We have done this while innovating the Web3 industry with our leading decentralized ecosystem. We’ve also rolled out many new security features while adding more depth to the market. This attitude is consistent with our representative brand partners, Manchester City Football Club, McLaren Racing and Festival Tribeca. We took our time, and did things the right way.”
For more information about OKX, please visit OKX.com.
OKX is the world’s leading technology company building the future of Web3. Known as one of the fastest and most reliable crypto trading platforms for professional investors and traders everywhere, OKX’s crypto exchange is the second largest globally by trading volume and trusted by over 50 million users.
OKX’s leading self-help solutions include Web3-compatible ones OKX Walletallowing users greater control over their assets while expanding access to DEX, NFT marketplaces, DeFi, GameFi, and thousands of dApps.
OKX partners with some of the world’s top brands and athletes, including: Premier League champions Manchester City FC, McLaren Formula 1, The Tribeca Festival, golfer Ian Poulter, Olympian Scotty James and F1 driver Daniel Ricciardo.
OKX is committed to transparency and security and publishes it Proof of Reserve on a monthly basis.
The Dubai Virtual Assets Regulatory Authority (VARA) is the world’s first dedicated regulator for the Virtual Assets sector. Established in March 2022, following the entry into force of Law No.4 of 2022, VARA is a competent entity in charge of regulating, supervising and supervising VA and VA activities in all zones across the Emirate of Dubai, including Special Development Zones and Free Zones but excluding Dubai International Financial Centre.
VARA is playing a central role in creating Dubai’s advanced legal framework to protect investors and setting international standards for governance of the Virtual Assets industry, while supporting the vision for a borderless economy.
This announcement is provided for informational purposes only. It is not intended to provide any kind of investment, tax, or legal advice, nor should it be construed as an offer to buy, sell, or hold digital assets. Digital assets, including stablecoins, involve a high level of risk, can fluctuate greatly, and can even become worthless. You should carefully consider whether trading or holding digital assets is right for you given your financial situation. Please consult your legal/tax/investment professional for questions about your particular circumstances.
For more information about OKX, please visit OKX.com.