Seychelles-based crypto trading app OKX recently became the latest virtual asset service provider to be granted a provisional license to offer services in the United Arab Emirates (UAE) The UAE is the first country in the world to grant OKX a provisional license. The provisional license allows OKX to expand certain exchange products and services to pre-qualified investors and financial service providers.
OKX is allowed to expand certain exchange products
Dubai’s digital assets regulator, the Virtual Assets Regulatory Authority (VARA), recently granted the Seychelles-based crypto trading platform OKX a “provisional virtual assets license to serve qualified investors in the UAE.”
According to astatementissued by OKX, the license “allows the extension of certain exchange products and services to pre-qualified investors and financial service providers.”
Commenting on VARA’s decision to grant the provisional license, Lennix Lai, OKX’s General Manager for Dubai, said,
{OKX is excited to be at the center of this vibrant ecosystem, innovating for the future within a regulated framework, while providing a meaningful free exchange of ideas that will be critical to the development of this sector. OKX looks forward to contributing meaningfully to the free exchange of ideas that will be so important to the development of this sector while innovating for the future within a regulated framework.
In a statement, OKX said that it is committed to supporting the UAE team as well as the creation of the necessary infrastructure OKX is also “committed to making Dubai a major hub for the global virtual asset industry by facilitating research and knowledge sharing with the goal of “We plan to participate in the VARA regulatory ecosystem,” he added.”
Dubai is a top hub for the crypto industry
Since its inception earlier this year, VARA has granted provisional approvals or licenses to a variety of cryptocurrency exchange platforms, from Binance to Bahrain-based Coinmena.OK Group Global Government Relations Officer Tim Byun said that by granting a provisional license to OKX, VARA has once again proven itself to be “one of the top global hubs for the industry.”
The provisional license is also a reflection of the UAE’s leadership in fostering the global economy of the future, Byun added.
Image credit: Shutterstock, Pixabay, Wiki Commons
