June 16, 2023

OKX Gets MVP License, Plans To Expand in Dubai



Dubai’s Virtual Assets Regulatory Authority (VARA) granted the OKX Middle East Fintech FZE (OKX Middle East) a Minimal Viable Product (MVP) Preparatory license as a part of its plans to expand in the region.

Amid VARA’s licensing approval, the second-largest crypto exchange by trading volume plans to increase the number of its staff in Dubai to 30 and already opened an office at Dubai’s World Trade Center building, a press release by OKX said. OKX also pointed out that it eyes extending its nine-figure brand partnerships to the UAE with the customer and fan-focused activations and activities.

The MVP preparatory license gives the opportunity for OKX to fulfill all pre-conditions required before becoming an operational license. Once it will become operational, OKX Middle East will be able to extend its approved suite of duly regulated virtual assets activities and will provide spot, derivatives, and fiat services, including USD and AED deposits, withdrawals, and spot-pairs, to institutional and qualified retail customers.

In this regard, OKX Global Chief Commercial Officer Lennix Lai lauded Dubai and VARA for successfully creating a unique environment where virtual asset services providers can thrive, adding the MENA region has incredible potential as a center of excellence for Web3 and virtual assets, which is an opportunity need to be utilized.

Meanwhile, OKX Global Head of Government Relations Tim Byun noted that Dubai and VARA are world pioneers in crypto regulation by establishing the most timely, comprehensive, and built-from-the-ground-up framework for virtual assets and Web3. Byun asserted the importance of licensing in Dubai as a critical element of OKX’s global regulatory compliance strategy.

It is worth mentioning that OKX announced that it would halt providing services or allowing users to open new accounts in Canada in March, adding existing Canadian customers have to close open options, margins, perpetual and futures positions by June 22.

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