OKX has obtained a Minimal Viable Product (MVP) Preparatory License from the Dubai Virtual Assets Regulatory Authority (VARA), according to a press release by the firm.
The MVP preparatory licence enables the Seychelles-based crypto exchange to fulfill the necessary pre-conditions for operating as a virtual asset provider in the United Arab Emirates. When it becomes fully licenced, OKX, via its subsidiary, OKX Middle East, will offer spot, derivatives, and fiat services, including deposits, withdrawals, and spot-pair trades in USD and AED, to institutional and qualified retail customers.
OKX believes that the United Arab Emirates (UAE) is a significant growth and business hub in the Middle East and plans to expand its operations in the region. To facilitate this, the crypto exchange has established a new office in Dubai and intends to bolster its Dubai workforce by increasing the number of employees to 30, with a focus on hiring local talent and senior management. Moreover, OKX aims to extend its brand partnerships with prestigious entities like Manchester City Football Club, McLaren Racing, and the Tribeca Festival to the UAE through customer and fan-focused activities.
Lennix Lai, OKX’s Global Chief Commercial Officer, expressed excitement about the development and emphasized the importance of regulated entities in the future of digital assets and capital markets.
Lai stated:
“We’re thrilled to receive the MVP preparatory licence from VARA. Regulated entities are the future of digital assets and capital markets and Dubai and VARA have succeeded in creating a unique environment where VASPs can thrive. With the expansion into a new office this year, we are focused on hiring local staff and senior management. The MENA region has incredible potential as a centre of excellence for Web3 and virtual assets, we look forward to the opportunity to expand the already growing ecosystem across the region.”
Meanwhile, OKX has been actively expanding its global operations; it recently applied for a licence to operate as a Digital Asset Service Provider (DASP) in France and also revealed its plans to establish an office in Turkey. Also, the exchange has already begun operations in Hong Kong and the Bahamas.
With global leader, Binance, and U.S. leader, Coinbase both facing significant regulatory headwinds, this could be an opportune time for the crypto exchange to gain further market share. According to CoinMarketCap data, OKX is the world’s fifth-largest exchange for crypto spot trading and the second-largest for crypto derivatives.
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