OKX Middle East Fintech FZE, the cryptocurrency exchange’s Dubai-based subsidiary, has received a license from the Dubai Virtual Assets Regulatory Authority (VARA), which will be put into full operational use within the next few weeks, the firm said on Tuesday.

The Dubai virtual assets services provider (VASP) license will enable fiat transactions and allow the firm to provide spot services and spot pairs to institutional and retail customers via the exchanges and its app.

Dubai is fast becoming the preferred destination for much of the crypto cognoscenti. OKX, which now ranks as the world’s second-largest exchange by volume, had been given a preparatory license by VARA back in June of last year, but the latest announcement updates this to the operational level.

“This allows us to offer services to UAE residents, which we’re going after, including spot trading and fiat-related services, which means deposits and withdrawals of local currency, United Arab Emirates dirham (AED),” said Rifad Mahasneh, OKX General Manager for the MENA Region in an interview. “In addition to that, we’ll be offering local currency trading pairs, so AED/BTC, AED/ETH, and the others, which is something new that we’re doing.”