OKX to expand offerings in Dubai after securing provisional license

The license will allow crypto exchange OKX to offer services and products to investors and financial service providers in Dubai.< /p> New

Crypto exchange OKX has acquired an interim virtual asset license granted by the Dubai Virtual Assets Regulatory Authority (VARA), allowing them to offer additional services to accredited investors and financial service providers in Dubai, UAE Arab States (UAE).

In a statement, the OKX team told Cointelegraph that the license allows them to expand products and services in the region. Going forward, the exchange will also facilitate research and knowledge sharing within the VARA regulatory ecosystem. The team stressed that regulatory compliance is a priority for them because it protects users.

According to Tim Byun, Head of Government Relations at OK Group, the compliance framework provided by Dubai's VARA reflects the UAE's leadership in developing tomorrow's global economy. Byun explained that:

"Dubai is a pioneer in the regulation of the virtual asset industry, and it is fast becoming one of the leading global centers for the industry."

Byun also told Cointelegraph that the VARA license allows companies to comply with mandates such as anti-money laundering (AML), counter-terrorism financing (CTF) and Know Your Customer (KYC). He also mentioned that "at this stage, OKX Dubai plans to offer a wide range of virtual asset products and services".

OKX executive Lennix Lai also said his team is looking forward to contributing to the local ecosystem and engaging in an exchange of ideas that will be important for the crypto space. With this in mind, the exchange will also create a regional hub in Dubai and strengthen its team and infrastructure in the country.

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