The Dubai Virtual Assets Regulatory Authority (VARA) has granted OKX Middle East Fintech FZE (OKX Middle East) a Minimal Viable Product (MVP) preparatory license.
MVP Preparatory License Received by OKX Middle East in Dubai
OKX wants to expand operations in OKX Middle East, which is a significant strategic growth and commercial hub for the company both internationally and in the region. OKX has launched a new office in the Dubai World Trade Center. With a focus on local hires and senior management, OKX will work to increase its personnel in Dubai to 30 as part of this initiative.
We’re thrilled to receive the MVP preparatory license from VARA. Regulated entities are the future of digital assets and capital markets and Dubai and VARA have succeeded in creating a unique environment where VASPs can thrive. With the expansion into a new office this year, we are focused on hiring local staff and senior management. The MENA region has incredible potential as a center of excellence for Web3 and virtual assets, we look forward to the opportunity to expand the already growing ecosystem across the region.
Lennix Lai, OKX Global Chief Commercial Officer
With customer- and fan-centered activations and activities, OKX also intends to expand its brand partnerships to the UAE.
What Will the MVP Provide?
With the use of the MVP preparatory license, certified licensees can complete all prerequisites for carrying out MVP operations under the VARA regime. After obtaining the necessary licenses to begin operations, OKX Middle East will be able to expand the scope of its duly approved virtual asset activities and offer spot, derivative, and fiat services, including deposits, withdrawals, and spot pairs in USD and AED, to eligible institutional and retail clients.
Dubai and VARA are world leaders in crypto regulation by establishing the most timely, comprehensive, and built from-the-ground-up framework for virtual assets and Web3. Licensing in Dubai is a critical element of OKX’s global regulatory compliance strategy. In today’s uncertain market environment, it’s of the utmost importance for VASPs to be highly secure, transparent, compliant, and backed by strong, clear regulations. Under VARA’s comprehensive framework, all operators must meet high standards of compliance, risk management, security, and consumer protection, benchmarked against well-known existing regulatory principles for traditional financial services. This provides confidence to operators and customers alike, and positions the crypto and Web3 industry in MENA for increased participation and overall growth in the near and long term.
Tim Byun, OKX Global Head Of Government Relations
About VARA
The Dubai Virtual Assets Regulatory Authority (VARA) is the first dedicated regulatory body in the world for the virtual assets industry. VARA, which was established in March 2022 after Law No. 4 of 2022 went into force, is the responsible body in charge of regulating, managing, and controlling VAs and VA activities in every zone within the Emirate of Dubai, including Special Development Zones and Free Zones.
About OKX
A pioneer in technology, OKX is constructing Web3 of the future. The second-largest cryptocurrency exchange in the world by trading volume, OKX’s platform is trusted by more than 50 million users. The platform is known as one of the fastest and most dependable crypto trading platforms for investors and professional traders worldwide.
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