Popular cryptocurrency exchange, OKX has announced the acquisition of a provisional virtual assets license in Dubai in a press release. The provisional license was issued by the Dubai World Trade Centre Authority under the Dubai Virtual Assets Regulators Authority (VARA). As a result, the OKX exchange can now offer its services to the qualified investors of the United Arab Emirates (UAE), Africa, and the broader Gulf Cooperation Council.
In addition to this, OKX is also planning to set its regional hub at the Dubai World Trade Centre. It will help the exchange to expand its virtual asset offering ecosystem in the region. The General Manager of OKX, Lennix Lai said that “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.”
OKX Moves to Expand its Presence in the MENA Region
The cryptocurrency exchange is proceeding to make regulatory and legislative developments. It could help it to grow in the region and expand its operations. Furthermore, the exchange said that they are planning to actively participate in the VARA ecosystem and help in the research department. Their contribution will promote Dubai as an industrial hub.
Dubai and the UAE as a whole are considered to be extremely crypto-friendly. Moreover, Dubai has developed its strategies to attract renowned crypto exchanges, platforms, and organizations. Dubai is aiming to become the virtual asset hub in its region. Thus, many exchanges are moving to acquire its licenses, as it offers a profitable business opportunity.
Recently, several other popular exchanges also earned the license from Dubai’s VARA. These include Binance, Kraken, FTX, and Crypto.com. This indicates the crypto-friendly nature of Dubai. On the other hand, OKX has remained hyperactive to scale its growth. A few days ago, the exchange partnered with the Premier League giants, Manchester City F.C.
OKX believes that the Middle East and the North African region have fast-growing crypto markets. Thus, the exchange is looking to comply with the regulations of the region, and target the new consumer base. Moreover, the exchange aims to move forward in a secure and transparent environment through the new license. However, it is yet to be seen how the crypto community welcomes the new exchange into the region.