Cryptocurrency exchange OKX has been awarded a provisional virtual assets (VA) license in Dubai, the company said Thursday.
- According to its press release, the license was issued by the Dubai Virtual Assets Regulatory Authority (VARA) and will allow OKX to provide trading services to investors in the United Arab Emirates (UAE).
- The Seychelles-based company also announced plans to open a regional hub in Dubai to expand the reach of cryptocurrencies in the region.
- “The [Middle East North Africa] region is one of the fastest growing markets for our industry, and we are very excited to be at the heart of this thriving ecosystem," said OKX General Manager Lennix Lai. Lai said the company will continue "innovating for the future in a regulated framework.”
- In February, UAE's Securities and Commodities Authority (SCA) announced it was allowing Virtual Asset Service Providers (VASP) to establish entities in the country as it looked to become a global crypto hub.
- OKX is one of the largest crypto exchanges by trade volume. It has more than 20 million global customers.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.