OKX Middle East, a leading Web3 technology company and the second-largest cryptocurrency exchange by trading volume, has received a Minimal Viable Product (MVP) Preparatory license from the Dubai Virtual Assets Regulatory Authority (VARA). This license will allow OKX Middle East to undertake MVP operations within the VARA regime, offering spot, derivatives, and fiat services to institutional and qualified retail customers.
The UAE is a key strategic growth and business hub for OKX globally and in the region. To scale its operations, OKX has opened a new office in Dubai and plans to expand its staff to 30, focusing on local hires and senior management. OKX also intends to extend its nine-figure brand partnerships to the UAE through customer and fan-focused activations and activities.
Lennix Lai, OKX Global Chief Commercial Officer, expressed excitement about receiving the MVP preparatory license from VARA. He emphasized that regulated entities are the future of digital assets and capital markets, and Dubai and VARA have created a unique environment for Virtual Asset Service Providers (VASPs) to thrive. Lai sees incredible potential for the MENA region to become a center of excellence for Web3 and virtual assets.
Tim Byun, OKX Global Head of Government Relations, praised Dubai and VARA for being world leaders in crypto regulation. He highlighted the comprehensive and robust framework established by VARA, which sets high standards of compliance, risk management, security, and consumer protection. Byun believes that this framework will provide confidence to operators and customers and position the crypto and Web3 industry in MENA for increased participation and overall growth.
According to Haider Rafique, OKX Chief Marketing Officer, the company has been eagerly awaiting the opportunity to enter the UAE market. Rafique emphasized that OKX takes a measured and transparent approach to doing business, as demonstrated by its commitment to publishing proof of reserves for seven consecutive months. He also mentioned that OKX has been leading innovation in the Web3 space, launching new security features and deepening market access while collaborating with well-known brands and athletes.
OKX is known for its reliable and fast crypto trading platform, trusted by over 50 million users worldwide. The company offers self-custody solutions, including the Web3-compatible OKX Wallet, which allows users greater control over their assets and access to various decentralized applications and marketplaces.