OKX awarded Dubai VARA Provisional License as it prioritizes expanding in a regulated environment

LONDON, UK – OKX, the world-leading crypto trading app, today announced that it has been granted a provisional virtual assets (VA) license to provide services to qualified investors in the UAE.

Granted by the Dubai Virtual Assets Regulatory Authority (VARA), OKX’s provisional license for Dubai allows it to extend certain exchange products and services to pre-qualified investors and financial service providers. OKX will also establish a regional hub in Dubai to contribute to developing the ever-expanding virtual asset ecosystem both in Dubai and globally. 

Lennix Lai, General Manager, OKX Dubai, 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.”

A market with both a growing local crypto ecosystem and a balanced regulatory framework, OKX is committed to building out both its team and necessary infrastructure in the UAE. An established contributor to the market, OKX sponsored the closing party at Crypto Expo Dubai 2022 in March and looks forward to partnering with the ecosystem further.

Tim Byun, Global Government Relations Officer, OK Group, said, “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 Asset Regulatory Authority has established, and which reflects the UAE’s leadership as far as nurturing the global economy of the future.”

In addition to promoting responsible trading with resources like OKX Learn, OKX prioritizes protecting its users by both safeguarding investor assets and making regulatory compliance a priority. OKX believes that sound regulation is necessary to both protect investors’ interests and support the sustainable global development of the cryptocurrency sector.

Going forward, OKX will participate in the VARA regulatory ecosystem by facilitating research and knowledge sharing with the goal of making Dubai a leading hub for the global virtual assets industry.