The license would enable the cryptocurrency exchange OKX to supply products and services to Dubai's investors and financial service providers.
The Dubai Virtual Assets Regulatory Authority (VARA) has awarded the cryptocurrency exchange OKX a provisional virtual assets license, enabling them to provide more services to accredited investors and financial service providers in Dubai, United Arab Emirates (UAE).
The OKX team informed in a statement that the license enables them to expand their goods 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 emphasized that maintaining regulatory compliance is important to them because it safeguards users.
The compliance framework provided by Dubai's VARA, in the opinion of Tim Byun, government relations officer of OK Group, represents UAE's leadership in fostering the future of the global economy. Byun clarified this:
“Dubai is a pioneer when it comes to regulation of the virtual assets sector, and it is swiftly becoming one of the top global hubs for the industry.”
Byun also stated that the VARA license enables companies to adhere to regulations like Know Your Customer (KYC) and Anti-Money Laundering (AML).
Additionally, he stated that "OKX Dubai plans to offer a broad spectrum of virtual asset products and services at this time."
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.