OKX awarded Dubai VARA Provisional License

The crypto exchange will provide an approved list of products and services to qualified investors within the UAE.

Crypto exchange OKX announced it has granted a provisional virtual assets license by the Dubai World Trade Centre Authority under the Dubai Virtual Assets Regulators Authority.

The license allows OKX to extend certain exchange products and services to pre-qualified investors and financial service providers in the United Arab Emirates, the broader Gulf Cooperation Council, Africa and elsewhere. OKX will also establish a regional hub in Dubai to contribute to developing the ever-expanding virtual asset ecosystem both in Dubai and globally.

“The Middle East and North Africa region is one of the crypto industry’s fastest-growing markets, and we are proud to meaningfully contribute to its free exchange of ideas and future regulatory framework,” said the company in a statement. “Dubai is also a pioneer in the virtual asset industry, and we are excited to participate in its sound compliance framework and development. As a proponent of sound regulation, we will engage in constructive dialogue to advance regulatory and legislative dialogue while facilitating research and the sharing of knowledge to promote Dubai as an industry hub. Education and safeguarding users’ assets remain the utmost priority to us — and we feel this latest license will help us move the industry forward into a safer and more user-friendly environment.”