OKX Obtains Dubai VARA Provisional License

Crypto trading app, OKX confirmed today that the company has received a provisional virtual assets license from the Dubai Virtual Assets Regulatory Authority (VARA) to facilitate qualified investors through an approved list of products and services.

OKX noted that the company aims to offer technology-driven products and services in a regulated environment. OKX is also planning to build a regional hub in Dubai to expand its international presence. The crypto trading app highlighted the growing popularity of digital assets.

Lennix Lai, the General Manager of OKX Dubai, commented: “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.”

Additionally, OKX has expanded its branding and marketing activities across different regions in the past few months. The company recently became the training kit sponsor of Manchester City Football Club.

Dubai’s Crypto Ecosystem

Dubai is gaining popularity among leading digital asset companies around the world as the global hub for crypto innovation. Last month, Crypto.com secured provisional approval from the regional regulatory authorities. According to Tim Byun, the Global Government Relations Officer at OK Group, Dubai is a pioneer in crypto regulations.

“Dubai is a pioneer when it comes to regulation of the virtual assets sector, and it is swiftly becoming one of the top global hubs for the industry. We at OKX are thrilled to be participating in the sound compliance framework that Dubai’s Virtual Assets Regulatory Authority has established, and which reflects the UAE’s leadership as far as nurturing the global economy of the future,” Byun highlighted in a recent press release.