Crypto trading app OKX has secured a provisional license from Dubai crypto regulators to operate in the market and will open up a regional hub in the Emirate, the company announced today.
The license, issued by the Dubai Virtual Assets Regulatory Authority (VARA), will allow it to provide certain exchange products to qualified investors and financial service providers.
In a statement, Lennix Lai, the general manager at OKX Dubai, described the Middle East and North Africa region as one of the fastest growing markets for the industry. OKX will additionally be “facilitating research and knowledge sharing with the goal of making Dubai a leading hub for the global virtual assets industry.”
OKX said that it was committed to building out both its team and necessary infrastructure in the UAE.
The UAE has been courting crypto companies over the last few months as it seeks to tap into the growth of crypto in the region. VARA, the overseers of the crypto industry in Dubai, set up shop in March this year. Charged with managing Dubai’s growing virtual asset industry, it has already handed out licenses to top crypto companies such as Crypto.com, FTX and Binance, all of which will base their regional hubs in the Emirate.
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