OKX Plans to Expand to Dubai, It Has Already Received a License

One of the world’s largest crypto exchanges by volume, OKX, recently announced that it received a Minimal Viable Product (MVP) Preparatory license from a Dubai regulator. The Dubai Virtual Assets Regulatory Authority (VARA) issued the license.

Thanks to the license, the exchange can now legally operate in the region, and it allegedly plans to expand and increase its local presence. As a Virtual Asset Service Provider (VASP), OKX intends to boost its workforce to 30 staff members.

The new license will enable a number of new services

The exchange acted quickly, and it already established a new office in Dubai. The office is located at the Dubai World Trade Center, and now, OKX intends to hire locals and fill in senior management roles. Furthermore, the crypto trading platform will extend its brand sponsorship to the UAE.

The country plays a vital role in the exchange’s growth strategy, and obtaining the MVP was only the first step. The next big step is for OKX Middle East to secure its own operational license. Once that is done, it will be able to diversify the list of allowed virtual assets and services it can offer.

The plan is to include services such as spot trading, fiat transactions, derivatives trading, and alike, including both AED and USD deposits and withdrawals.

OKX’s Global Chief Commercial Officer, Lennix Lai, commented on the new development, stating that the exchange is thrilled to receive the MVP preparatory license. “Dubai and VARA have created a unique environment where VASPs can thrive. The MENA region holds remarkable potential as a center of excellence for Web3 and virtual assets. We eagerly anticipate the opportunity to expand the already growing ecosystem across the region.”

OKX is expanding rapidly

Previously, OKX managed to obtain its inaugural license in Dubai about a year ago, in July 2022. Due to Dubai’s desire to become the biggest crypto hub in the region, local regulations have been evolving rapidly. This allowed crypto companies to apply for many different types of authorization.

However, the new license still represents a major game-changer, allowing OKX to expand its existing services. The platform’s Global head of Government Relations, Tim Byun, also commented on the move, saying “In today’s uncertain market environment, it’s critical for VASPs to be secure, transparent, compliant and backed by clear regulation. Under VARA’s comprehensive framework, all operators must meet high standards of compliance, risk management, security, and consumer protection.”

The exchange’s Chief Marketing Officer, Haider Rafique, added that the company has been waiting to enter the UAE, and it is excited for its users to experience OKX’s products.

OKX is among the fastest-growing crypto exchanges, currently servicing over 50 million users around the world. Its growth strategy focuses on several different corners of the world, including attempts to obtain licenses in France and Hong Kong.