OKX recently announced receiving an MVP (Minimum Viable Product) preparatory license from Dubai‘s Virtual Assets Regulatory Authority (VARA). Dubai has always been the main strategic business hub for the OKX exchange around the world, and the platform has plans to scale its operations for OKX Middle East. With this objective, OKX has established its office in the Dubai World Trade Centre.
It will soon expand its staff members in Dubai to 30 and focus on senior management and local hires. The exchange also aims to extend the nine-figure partnerships to Dubai with fan-focused activities and activations.
The preparatory license will allow the exchange to meet all the pre-conditions needed to undergo MVP operations in VARA. As soon as the license is operational, OKX will be allowed to extend its suite of regulated digital assets activities as well as provide fiat, spot, and derivatives services, including AED and USD spot pairs, deposits, and withdrawals to qualified retail and institutional customers.
Learn more about the OKX Crypto Exchange on OKX reviews.
The Chief Commercial Officer of OKX Global, Lennix Lai, stated that the future of capital markets and digital assets is the regulated entities. VARA and Dubai have succeeded in developing an enabling environment where the VASP can thrive. There is great potential in the MENA region as the hub of excellence in virtual assets and the Web3 ecosystem.
The Head of Government Relations of OKX Global, Tim Byun, stated that with VARA and Dubai being the world leaders, establishing a comprehensive, timely, and built-from-scratch framework for Web3 and virtual assets provides confidence and trust to customers and operators alike. Licensing is an important element in Dubai which includes the global regulatory compliance strategy of OKX. VASPs need to be highly transparent, compliant, and secure, backed by clear and strong regulations. All operators are bound to provide the highest standards of risk management, consumer protection, security, and compliance.
According to the Chief Marketing Officer at OKX, Haider Rafique, OKX has launched several new safety features and has added more depth into their markets. The changes were made while out-innovating the Web3 industry with the leading OKX decentralized ecosystem. The attitude of the operators has been consistent with the partners representing them, which include the Tribeca Festival, McLaren Racing, and Manchester City Football Club.