• OKX, the second-largest cryptocurrency exchange by trading volume, has received a Minimal Viable Product (MVP) Preparatory License from Dubai Virtual Assets Regulatory Authority (VARA).
• The company is expanding its operations in UAE and has opened a new office in Dubai World Trade Center.
• OKX Middle East will be able to offer spot, derivatives, and fiat services including USD and AED deposits, withdrawals and spot-pairs.
OKX Receives MVP Preparatory License From VARA
OKX, the second-largest crypto exchange by trading volume and a leading Web3 technology company, today announced that OKX Middle East Fintech FZE (OKX Middle East) has received a Minimal Viable Product (MVP) Preparatory license from the Dubai Virtual Assets Regulatory Authority (VARA).
Expansion into UAE to Serve as Global Hub
The UAE is a key strategic growth and business hub for OKX globally and in the region. As part of this effort, OKX has opened a new office in Dubai World Trade Center and plans to expand its number of Dubai staff to 30 with a focus on local hires and senior management. The company also plans extend its nine-figure brand partnerships to the UAE with customer and fan-focused activations.
What Does The License Allow?
The MVP preparatory licence allows approved licensees to fulfill all pre-conditions required to undertake MVP operations within the VARA regime. Once licensed to be operational, OKX Middle East will be able provide spot, derivatives, and fiat services including USD and AED deposits, withdrawals along with spot pairs for both institutional investors as well as qualified retail customers.
Quote from Lennix Lai
OKX Global Chief Commercial Officer Lennix Lai said: “We’re thrilled to receive the MVP preparatory license from VARA. Regulated entities are the future of digital assets and capital markets… With the expansion into a new office this year we are focused on hiring local staff and senior management.“
Quote from Tim Byun
OKX Global Head of Government Relations Tim Byun said: “Dubai and VARA are world leaders in crypto regulation by establishing…a unique environment where VASPs can thrive.“