OKX awarded Dubai VARA Provisional License
Tim Byun, Lennix Lai and Allan Choo from OKX.
- OKX’s provisional license in Dubai permits it to provide an approved list of products and services to qualified investors within the UAE in a safe and regulated manner
- The license will enable OKX to innovate for the future in a healthy, regulated framework
VICTORIA, Seychelles, July 14, 2022 (GLOBE NEWSWIRE) — OKX, the world-leading crypto trading app, today announced that it has been granted a provisional virtual assets (VA) license to provide services to qualified investors in the UAE.
Granted by the Dubai Virtual Assets Regulatory Authority (VARA), OKX’s provisional license for Dubai allows it to extend certain exchange products and services to pre-qualified investors and financial service providers. OKX will also establish a regional hub in Dubai to contribute to developing the ever-expanding virtual asset ecosystem both in Dubai and globally.
Lennix Lai, General Manager, OKX Dubai, said, “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.”
A market with both a growing local crypto ecosystem and a balanced regulatory framework, OKX is committed to building out both its team and necessary infrastructure in the UAE. An established contributor to the market, OKX sponsored the closing party at Crypto Expo Dubai 2022 in March and looks forward to partnering with the ecosystem further.
Tim Byun, Global Government Relations Officer, OK Group, said, “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. We at OKX are thrilled to be participating in the sound compliance framework that Dubai’s Virtual Assets Regulatory Authority has established, and which reflects the UAE’s leadership as far as nurturing the global economy of the future.”
In addition to promoting responsible trading with resources like OKX Learn, OKX prioritizes protecting its users by both safeguarding investor assets and making regulatory compliance a priority. OKX believes that sound regulation is necessary to both protect investors’ interests and support the sustainable global development of the cryptocurrency sector.
Going forward, OKX will participate in the VARA regulatory ecosystem by facilitating research and knowledge sharing with the goal of making Dubai a leading hub for the global virtual assets industry.
For further information, please contact:
Media@okx.com
About OKX
OKX is a leading crypto trading app, and a Web3 ecosystem. Trusted by more than 20 million global customers in over 180 international markets, OKX is known for being the fastest and most reliable crypto trading app of choice for investors and professional traders globally.
Since 2017, OKX has served a global community of people who share a common interest in participating in a new financial system that is designed to be a level playing field for everyone. We strive to educate people on the potential of crypto markets and how to invest and trade responsibly. Beyond the OKX trading app, the OKX Wallet is our latest offering for people looking to explore the world of NFTs and the metaverse while trading GameFi and DeFi tokens.
To learn more about OKX, download our app or visit: okx.com
About VARA
Dubai Virtual Assets Regulatory Authority [VARA] is the world’s first specialised regulator for the Virtual Assets sector. Established in March 2022, following the effect of Law No.4 of 2022, VARA is responsible by decree for licensing and regulating the Virtual Asset sector in the Emirate of Dubai and its free zone territories [excluding DIFC], and oversees all licensing requirements and applications for authorisation of Virtual Asset activities under UAE law.
VARA plays a central role in creating Dubai’s advanced legal framework to protect investors and establish international standards for Virtual Asset industry governance, while supporting the vision for a borderless economy.
A photo accompanying this announcement is available at: https://www.globenewswire.