OKX, a Seychelles-based crypto exchange, is the latest digital asset service provider to get a provisional license to operate in the United Arab Emirates (UAE).
The provisional license issued by the recently formed Virtual Assets Regulatory Authority (VARA), which is the digital assets regulator in Dubai, allows OKX to provide certain crypto exchange products and services to a select group of investors and financial service providers.
According to a statement released by OKX after getting the provisional license, OKX stated that the license ““allows it to extend certain exchange products and services to pre-qualified investors and financial service providers.”
The general manager at OKX for Dubai, Lennix Lai, while commenting on the development said:
“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.”
Dubai slowly becoming a top crypto destination
Since it was established at the beginning of this year, the Virtual Assets Regulatory Authority (VARA) has issued provisional licenses and approvals to several cryptocurrency exchanges. Besides OKX, the other exchanges that have received provisional licenses and approvals include Binance and Coinmena.
The rush by crypto exchanges and other crypto service providers to set up base in Dubai is proving that UAE and specifically Dubai is one of the top global hubs for the cryptocurrency industry.