Cryptocurrency Trading platform OKX has received a temporary license from Dubai crypto regulators to operate in the market, and the company announced today that it will open a regional hub in the UAE.
The license, issued by Dubai Virtual Assets Regulatory Authority (VARA), will allow qualified investors and financial service providers to offer certain exchange products.
Lennix Lai, managing director of OKX Dubai, described the Middle East and North Africa region as one of the fastest growing markets for the industry.
OKX Official Announces They Will Work To Make Dubai A Leader For The Cryptocurrency Industry
In addition, Lennix Lai said that OKX will also “facilitate research and knowledge sharing to make Dubai a leading hub for the global virtual assets industry.”
OKX said it is determined to build both its own team and the necessary infrastructure in the UAE.
The UAE has been supporting crypto companies for the past few months to capitalize on the cryptocurrency growth in the region. VARA, the controller of the crypto industry in Dubai, started operations in March this year.
Tasked with managing Dubai’s growing virtual asset industry, VARA has licensed top crypto companies such as Crypto.com, FTX and Binance, all of which will set up their headquarters in the region in the Emirate of Dubai.
bitcoin With the rise of crypto assets and crypto assets in 2021, many countries have started to offer various incentives to attract important representatives of this increasingly developing industry.
*Not investment advice.