Middle Eastern cryptocurrency exchange OKX has reported that Dubai's Virtual Assets Regulatory Authority (VARA) has granted the company a Minimum Viable Product Preparation License as part of its expansion plans into the region.
In a June 15 notification, OKX said that following regulatory approval for the license, the exchange plans to increase its staff in Dubai to 30 and has already opened an office in the city's World Trade Center complex. place. VARA granted OKX a temporary operating license in July 2022, allowing the company to offer products and services in the region.
"Licensing in Dubai is a key element of OKX's global regulatory compliance strategy," said Tim Byun, OKX's Head of Global Government Relations. "In today's uncertain market environment, it is critical for VASPs [Virtual Asset Service Providers] to be highly s safe, transparent, compliant and backed by strong, clear regulation." According to OKX, the preliminary license provides the exchange with regulatory leeway to meet certain requirements before commencing operations. The company said it plans to offer spot, derivatives and fiat currency service s, as well as USD and UAE dirham deposits, withdrawals and spot pairs.
Global cryptocurrency firms including Coinbase have made efforts to explore the UAE as a potential new market amid a crackdown on digital assets by US regulators and lawmakers. In June, the SEC filed separate lawsuits against Coinbase and Binance, and New York Attorney General Letitia James announced a ban on CoinEx from operating in the state.
The move to the Middle East comes after OKX announced in March that it planned to cease operations in Canada by June 22, but added that the withdrawal was "temporary." Other cryptocurrency exchanges, including Binance and Paxos, have announced similar departures from Can ada, citing the Canadian regulator's guidelines.
