OKX Obtains A License In Dubai, Intends To Advance Regulatory Dialogue.

OKX is looking to expand its global footprint as it expands its presence in the MENA region.

OKX, a cryptocurrency exchange based in the Seychelles, has announced that it has acquired a provisional virtual assets license in Dubai.

The license was granted by the Dubai World Trade Centre Authority under the Dubai Virtual Assets Regulators Authority, according to the official press release.

OKX will now be able to provide certain services to qualified investors in the UAE, the Gulf Cooperation Council as a whole, Africa, and elsewhere. Following the approval, OKX intends to establish a regional hub at the Dubai World Trade Center in order to contribute to the expansion of the region’s virtual asset ecosystem.

Engaging in constructive dialogue in order to advance regulatory and legislative dialogue is another area of focus for the crypto exchange.

OKX also stated that it will contribute to the VARA regulatory ecosystem by fostering research to promote Dubai as an industry hub.

The UAE, one of the world’s largest crypto markets, has been courting some of the world’s most prominent crypto and fintech firms. Similarly, 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.”

Aside from OKX, other cryptocurrency companies such as Binance, FTX, and Kraken have received licenses from Dubai’s VARA. CryptoCom recently received provisional approval from the watchdog.

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