Seychelles-based crypto exchange, OKX, announced acquiring a provisional virtual assets license in Dubai.
As per the official press release, the license was awarded by the Dubai World Trade Centre Authority under the Dubai Virtual Assets Regulators Authority (VARA).
OKX will now be able to offer certain services to qualified investors in the United Arab Emirates, the broader Gulf Cooperation Council, Africa, and elsewhere.
Following the approval, OKX plans to set up a regional hub at the Dubai World Trade Center in an effort to contribute to the expansion of the virtual asset ecosystem in the region.
Engaging in constructive dialogue in a bid to advance regulatory and legislative dialogue is also a focus area that the crypto exchange is looking into.
Additionally, OKX also said it will participate in the VARA regulatory ecosystem by fostering research to promote Dubai as an industry hub.
One of the largest crypto markets, the UAE, has been looking to lure some of the world’s most prominent crypto and fintech firms. Along the same lines, OKX General Manager Lennix Lai 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.”
Apart from OKX, other crypto companies such as Binance, FTX, and Kraken have been granted licenses by Dubai’s VARA. More recently, CryptoCom also scored a provisional approval from the watchdog.
Besides, the latest development comes days after the popular trading venue inked a partnership deal with Premier League champions Manchester City F.C.