The Dubai Virtual Assets Regulatory Authority (VARA) has granted OKX Middle East Fintech FZE (OKX Middle East) a Minimal Viable Product (MVP) Preparatory license. OKX is the second-largest cryptocurrency exchange by trading volume and a top provider of Web3 technology.
OKX wants to expand operations in OKX Middle East, a significant strategic growth and commercial hub for the company both internationally and in the region. As part of this initiative, OKX has established a new office at the Dubai World Trade Center and plans to hire 30 new employees in Dubai, emphasising locals and senior management. With customer- and fan-centred activations and activities, OKX intends to expand its nine-figure brand partnerships to the UAE.
OKX Chief Marketing Officer Haider Rafique said: “We’ve been waiting to enter the UAE and we want people here to experience our products first hand. We’re different – we do things in a measured and transparent manner. May was our seventh consecutive month of publishing our proof of reserves, making us the only crypto exchange globally with that commitment. We’ve done that while out-innovating the industry in Web3 with our leading decentralized ecosystem. We’ve also launched numerous new security features while adding more depth in markets. This attitude is consistent with the brand partners who represent us, Manchester City Football Club, McLaren Racing, and the Tribeca Festival. We take our time, and do things the right way.”
The MVP preparatory license enables authorized licensees to meet all prerequisites for implementing MVP operations under the VARA regime. Once granted the necessary permits to begin operations, OKX Middle East will be able to expand the scope of its duly authorized virtual asset activities and provide institutional and suitably qualified retail clients spot, derivative, and fiat services, including deposits, withdrawals, and spot-pairs in USD and AED.
