Crypto trading app OKX granted UAE license, set to open Dubai hub

Crypto trading app OKX granted UAE license, set to open Dubai hub
OKX's Dubai provisional license allows it to offer approved products and services to qualified UAE investors in a safe and regulated manner. (File/Reuters)
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Updated 14 July 2022

Crypto trading app OKX granted UAE license, set to open Dubai hub

Crypto trading app OKX granted UAE license, set to open Dubai hub
  • The license will enable OKX to innovate for the future in a healthy, regulated framework

LONDON: OKX, the world’s leading cryptocurrency trading app, announced today it has been granted a provisional virtual assets license to provide services to qualified investors in the UAE, a company statement said.

OKX’s provisional license for Dubai, granted by the Dubai Virtual Assets Regulatory Authority, allows it to offer certain exchange products and services to pre-qualified investors and financial service providers.

OKX will also establish a regional hub in Dubai to help develop the ever-expanding virtual asset ecosystem in Dubai and around the world.
“The MENA 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 Lennix Lai, general manager of OKX Dubai.
“OKX looks forward to contributing meaningfully to the free exchange of ideas that is going to be so important to the development of this space, while innovating for the future in a regulated framework.”
OKX is committed to expanding its team and necessary infrastructure in the UAE, a market with both a growing local crypto ecosystem and a balanced regulatory framework.
It sponsored the closing party at Crypto Expo Dubai 2022 in March and is looking forward to continuing to collaborate with the ecosystem.
“Dubai is a pioneer when it comes to regulation of the virtual assets sector, and it is swiftly becoming one of the top global hubs for the industry,” Tim Byun, global government relations officer at OK Group, said.
“We at OKX are thrilled to be participating in the sound compliance framework that Dubai’s VARA has established, and which reflects the UAE’s leadership as far as nurturing the global economy of the future,” Byun continued.
OKX prioritizes user protection by safeguarding investor assets and making regulatory compliance a priority, in addition to promoting responsible trading through resources like OKX Learn.
It believes that sound regulation is required to protect investors’ interests while also promoting the long-term global development of the crypto sector.
In the future, OKX will contribute to the VARA regulatory ecosystem by facilitating research and knowledge sharing, with the goal of making Dubai a global virtual assets hub.