OKX Obtains License In Dubai, And Readies To Open Regional Hub
- Notably, the General Manager at OKX, Lennix Lai, revealed that the region’s economy is among the fastest growing economies in the World
As a measure geared towards expanding its offerings to eligible investors and financial service providers in Dubai and UAE, a popular virtual asset trading platform, OKX, has secured a temporary digital asset permit from VARA.
The crypto firm announced the development in a press release relayed on Thursday. According to OKX, the new permit issued by VARA, known as the Dubai Virtual Assets Regulatory Authority (VARA), tends to help widen the scope of its services within the zone.
Similarly, OKX, in the release, announces its intention to establish a region-based center in Dubai. According to the global venture, such development will be instrumental in extending the current reach of crypto within the zone.
OKX Expands To Global Reach
The crypto- firm is also planning to foster varieties of research to enable cross-fertilization of knowledge in the VARA regulatory system. OKX disclosed that it gives utmost priority to regulatory adherence. This, according to the firm, is because it helps to safeguard investors.
Notably, the General Manager at OKX, Lennix Lai, revealed that the region’s economy is among the fastest growing economies in the World. This, according to Lai, speaks volumes for OKX. The manager further said that his team is delighted to venture into the prosperous economy.
He expressed the eagerness of his firm to contribute to the region’s ecosystem. According to him, such will enable the firm to partake in the cross-fertilization of knowledge geared towards enhancing the crypto industry.
The executive said the digital asset exchange is already making moves to assemble its squad and facilities in the region. OKX plans to sustain efforts toward innovating for the future within the scope of a regulated mechanism, Lai added.
More so, a government relations executive with OKX, Tim Byun, says the VARA’s license issuance reaffirms the commitment of Dubai authorities to sustaining the international virtual economy. Byun added that the region remains a pace setter as far as crypto regulations are concerned.
He revealed the commitment by the region’s authorities has made it to be amidst the top international hub for virtual assets.
Dubai’s Journey Into The Virtual Asset World
Worth noting that the Securities and Commodity Authorities in the region, in early 2022, conveyed its resolve to allow digital asset service providers initiate their respective centers within the zone. Also, the region’s authorities, in March, founded VARA.
As revealed then, the agency manifested to initiate a solid legal mechanism for the regulation of cryptocurrencies within Dubai. Afterward, the likes of FTX, a crypto derivatives exchange, and Kraken, a virtual trading outfit, secured their respective licenses in the region.
Meanwhile, the regulations by the agency are concentrated on safeguarding investors. Now, the regulatory mechanism, as reported, is in alignment with global standards for regulations of cryptocurrencies and other virtual assets.
Rebecca is a Senior Staff Writer at BitcoinWisdom, working hard to bring you the latest breaking news in the cryptocurrency market. In the words of Elon Musk “Buy stock in several companies that make products & services that *you* believe in. Only sell if you think their products & services are trending worse. Don’t panic when the market does. This will serve you well in the long-term.”
