Cryptocurrency exchange OKX will expand its offerings in Dubai

Cryptocurrency exchange OKX will expand its offerings in Dubai

The Dubai Virtual Assets Regulatory Authority (VARA) has granted the cryptocurrency exchange OKX a provisional virtual assets licence, enabling them to provide more services to accredited investors and financial service providers in Dubai (UAE).

The OKX team informed sourecs in a statement that the licence enables them to expand their products and services in the area. The exchange will thus make it easier for people to share knowledge and conduct research within the VARA regulatory ecosystem. The team emphasised that maintaining regulatory compliance is important to them because it safeguards users.

According to Tim Byun, government relations officer of OK Group, the compliance framework provided by Dubai's VARA underscores UAE's leadership in fostering the future of the global economy. Byun added, “Dubai is a pioneer in the regulation of the virtual assets market and is quickly rising to the top of the list of the world's economic centres for the sector.”

Byun added that the VARA licence enables companies to adhere to regulations like those pertaining to know your customer, counter-terrorist financing, and anti-money laundering. 

Lennix Lai, an executive at OKX, also stated that their team is ready to participate in an idea exchange that will be crucial for the crypto space and contribute to the local ecosystem. In light of this, the exchange will also establish a regional base in Dubai and develop its staff and facilities there.

In March, the UAE government launched VARA to offer a regulatory framework for cryptocurrencies in Dubai. The law focuses on safeguarding investors and establishing global norms for industry governance. With the exception of the Dubai International Financial Centre, the regulator will have jurisdiction over Dubai's special development and freezone areas.