OKX Middle East Receives MVP Preparatory License From VARA in Dubai

UAE serves as global and regional strategic business hub, OKX expands staff to 30

OKXOKX Middle East Fintech FZE (OKX Middle East), the second largest cryptocurrency exchange by trading volume and a leading Web3 technology company, has received a Minimal Viable Product (MVP) Preparatory License from the Dubai Virtual Assets Regulatory Authority (VARA) announced today that it has acquired ).

The UAE is an important strategic growth and business hub for OKX both globally and regionally, and the company plans to expand OKX’s Middle East operations. As part of this initiative, OKX will open a new office in the Dubai World Trade Center and expand its staff in Dubai to 30 people, mainly local hires and senior management. OKX also plans to extend his partnership with nine-figure brands to the UAE with customer- and fan-focused activations and activities.

The MVP Readiness License enables approved licensees to meet all prerequisites required to conduct MVP operations within the VARA regime. Once licensed to operate, OKX Middle East will expand its approved suite of duly regulated crypto asset activities to include spot, derivatives and fiat services, including USD and AED deposits, withdrawals and spot pairs. It will be made available to institutional investors and qualified users. retail customer.

OKX Global Chief Commercial Officer Lennix Lai said: Regulated entities are the future of digital assets and capital markets, and Dubai and VARA have successfully created a unique environment in which VASPs can thrive. This year we are focusing on hiring local staff and senior management as we expand into new offices.The MENA region has incredible potential as a hub of excellence for Web3 and virtual assets and has already We look forward to the opportunity to expand our growing ecosystem across the region.

Tim Byung, Head of Global Government Relations at OKX said: Dubai and VARA are global leaders in cryptocurrency regulation by establishing the most timely and comprehensive ground-up framework for virtual assets and Web3. A key component of a global regulatory compliance strategy.In today’s uncertain market environment, it is of utmost importance that VASPs are safe, transparent, compliant and backed by strong and clear regulations. Under VARA’s overarching framework, all operators must meet high standards of compliance, risk management, security and consumer protection in light of well-known and existing regulatory principles for traditional financial services. This will bring confidence to both operators and customers, increase cryptocurrency and Web3 industry participation in MENA, and set the prospects for overall growth in the short and long term. increase.”

OKX Chief Marketing Officer Haider Rafik said: We are eager to enter the UAE and want people here to experience our products first hand. We are different. We do things the way: May was the seventh month in a row that we published evidence of our reserves, making us the only cryptocurrency exchange in the world with that commitment. We have done so while using our leading decentralized ecosystem to innovate beyond the Web3 industry, adding depth to the market and releasing a number of new security features. Consistent with our leading brand partners Manchester City Football Club, McLaren Racing and Tribeca Festival, we take our time and do things the right way.

For more information on OKX, please visit: OKX.com.

OKX is the world’s leading technology company building the future of Web3. OKX is known as one of the fastest and most reliable cryptocurrency trading platforms for investors and professional traders around the world. cryptocurrency exchange It ranks second in the world by trading volume and is trusted by over 50 million users.

OKX’s leading self-custody solution includes a Web3 compatible OKX WalletThis will give users greater control over their assets while expanding access to DEXs, NFT marketplaces, DeFi, GameFi and thousands of dApps.

OKX has partnered with many of the world’s top brands and athletes, including English Premier League champions Manchester City FC, McLaren F1, Tribeca Festival, golfer Ian Poulter, Olympian Scotty James and F1 driver Daniel Ricciardo.

OKX is committed to transparency and security and is open about it. proof of reserve monthly.

Dubai Virtual Assets Regulatory Authority [VARA] is the world’s first regulator dedicated to the crypto-asset sector. Established in March 2022 following the entry into force of Law No. 4 of 2022, VARA regulates, supervises and monitors VA and VA activities in all zones across the Emirate of Dubai, including special development zones and free zones. It is the competent body responsible for However, Dubai International Financial Center is excluded.

VARA plays a central role in creating Dubai’s sophisticated legal framework that protects investors and establishes international standards for governance of the crypto-asset industry, while supporting the vision of an economy without borders.

This announcement is provided for informational purposes only. It is not intended to provide investment, tax or legal advice, nor should it be considered an offer to buy, sell or retain any digital assets. Digital assets, including stablecoins, carry a high degree of risk, can be highly volatile, and can be worthless. You should carefully consider whether trading or holding digital assets is right for you in light of your financial situation. For questions regarding your specific situation, please consult a legal/tax/investment professional.

For more information on OKX, please visit: OKX.com.

contact

Mark Lognon
media@okx.com