OKX, a crypto exchange based in Seychelles, has been granted a provisional license for operation in the United Arab Emirates.
OKX can now provide certain crypto-exchange products and services to a limited number of investors and financial service providers thanks to the provisional license granted by VARA (the newly formed virtual assets regulator in Dubai).
According to a statement released by OKX after getting the provisional license, OKX stated that the license ““allows it to extend certain exchange products and services to pre-qualified investors and financial service providers.”
Lennix Lei (general manager of OKX Dubai), commented on the development, saying:
“The MENA region is one of the fastest-growing markets for our industry, and we are very excited to be at the heart of this thriving ecosystem. OKX looks forward to contributing meaningfully to the free exchange of ideas that is going to be so important to the development of this space while innovating for the future in a regulated framework.”
Dubai is slowly becoming a top destination for crypto.
The Virtual Assets Regulatory Authority has approved several cryptocurrency exchanges since its inception at the start of 2018. Binance, Coinmena and other exchanges have also received provisional licenses or approvals.
Dubai, specifically the UAE, is being praised for its rapid growth in crypto services providers and crypto exchanges.