June 15, 2023 – Dubai, United Arab Emirates
UAE to serve as strategic global and regional business hub, and OKX to expand to 30 staff members.
OKX, the second-largest crypto exchange by trading volume and a leading Web 3.0 technology company, today announced that OKX Middle East (OKX Middle East Fintech FZE) has received an MVP (minimal viable product) preparatory license from the Dubai VARA (Virtual Assets Regulatory Authority).
The UAE is a key strategic growth and business hub for OKX globally and in the region, and the company plans to scale OKX Middle East’s operations.
As part of this effort, OKX has opened a new office in the Dubai World Trade Center and will seek to expand its number of Dubai staff to 30, with a focus on local hires and senior management.
OKX also plans to extend its nine-figure brand partnerships to the UAE with customer and fan-focused activations and activities.
The MVP preparatory license allows approved licensees to fulfill all pre-conditions required to undertake MVP operations within the VARA regime.
Once licensed to be operational, OKX Middle East will be able to extend its approved suite of duly regulated virtual assets activities and will provide spot, derivatives and fiat services, including USD and AED deposits, withdrawals and spot-pairs, to institutional and qualified retail customers.
Lennix Lai, global chief commercial officer at OKX, said,
“We’re thrilled to receive the MVP preparatory license 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 center of excellence for Web 3.0 and virtual assetse look forward to the opportunity to expand the already growing ecosystem across the region.”
Tim Byun, global head of government relations at OKX, said,
“Dubai and VARA are world leaders in crypto regulation by establishing the most timely, comprehensive and built-from-the-ground-up framework for virtual assets and Web 3.0. Licensing in Dubai is a critical element of OKX’s global regulatory compliance strategy.
“In today’s uncertain market environment, it’s of the utmost importance for VASPs to be highly secure, transparent, compliant and backed by strong, clear regulation. Under VARA’s comprehensive framework, all operators must meet high standards of compliance, risk management, security and consumer protection, benchmarked against well-known existing regulatory principles for traditional financial services.
“This provides confidence to operators and customers alike and positions the crypto and Web 3.0 industry in MENA for increased participation and overall growth in the near and long term.”
Haider Rafique, chief marketing officer at OKX, said,
“We’ve been waiting to enter the UAE, and we want people here to experience our products first hand. We’re differente do things in a measured and transparent manner. May was our seventh consecutive month of publishing our proof of reserves, making us the only crypto exchange globally with that commitment.
“We’ve done that while out-innovating the industry in Web 3.0 with our leading decentralized ecosystem. We’ve also launched numerous new security features while adding more depth in markets. This attitude is consistent with the brand partners who represent usManchester City Football Club, McLaren Racing and The Tribeca Festival. We take our time and do things the right way.”
For more information on OKX, please visit the website.
OKX is a world-leading technology company building the future of Web 3.0.
Known as one of the fastest and most reliable crypto trading platforms for investors and professional traders everywhere, OKX’s crypto exchange is the second-largest globally by trading volume and is trusted by more than 50 million users.
OKX’s leading self-custody solutions include the Web 3.0-compatible OKX Wallet, which allows users greater control of their assets while expanding access to DEXs, NFT marketplaces, DeFi, GameFi and thousands of DApps.
OKX partners with a number of the world’s top brands and athletes, including English Premier League champions Manchester City F.C., McLaren Formula One, The Tribeca Festival, golfer Ian Poulter, Olympian Scotty James and F1 driver Daniel Ricciardo.
OKX is committed to transparency and security and publishes its proof of reserves on a monthly basis.
To learn more about OKX, download our app or visit the website.
Dubai VARA (Virtual Assets Regulatory Authority) is the world’s first specialized regulator for the virtual assets sector.
Established in March 2022, following the effect of Law No. Four of 2022, VARA is the competent entity in charge of regulating, supervising and overseeing VAs and VA activities in all zones across the Emirate of Dubai, including ‘special development zones’ and ‘free zones’ but excluding the Dubai International Financial Centre.
VARA plays a central role in creating Dubai’s advanced legal framework to protect investors and establish international standards for virtual asset industry governance, while supporting the vision for a borderless economy.
This announcement is provided for informational purposes only. It is not intended to provide any investment, tax or legal advice nor should it be considered an offer to purchase, sell or hold digital assets.
Digital assets, including stablecoins, involve a high degree of risk, can fluctuate greatly and can even become worthless.
You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/tax/investment professional for questions about your specific circumstances.
Marc Rognon, OKX