OKX ME gets MVP prep license from VARA in Dubai.
Dubai, United Arab Emirates, June 15th, 2023, Chainwire
OKX, the second-largest cryptocurrency exchange in terms of trading volume and a leading Web3 technology company, has announced that its Middle East affiliate, OKX Middle East Fintech FZE, has received a Minimal Viable Product (MVP) Preparatory license from the Dubai Virtual Assets Regulatory Authority (VARA).
The UAE is a crucial strategic growth and business hub for OKX globally and in the region. The company plans to scale OKX Middle East’s operations and has opened a new office in Dubai World Trade Center. It will seek to expand its number of Dubai staff to 30, with a focus on local hires and senior management. OKX also plans to extend its nine-figure brand partnerships to the UAE, with customer and fan-focused activations and activities.
The MVP preparatory license allows approved licensees to fulfill all pre-conditions required to undertake MVP operations within the VARA regime. Once licensed to be operational, OKX Middle East will be able to extend its approved suite of duly regulated virtual assets activities and will provide spot, derivatives, and fiat services, including USD and AED deposits, withdrawals, and spot-pairs, to institutional and qualified retail customers.
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OKX Global Chief Commercial Officer Lennix Lai said: “We’re thrilled to receive the MVP preparatory license from VARA. Regulated entities are the future of digital assets and capital markets, and Dubai and VARA have succeeded in creating a unique environment where VASPs can thrive. With the expansion into a new office this year, we are focused on hiring local staff and senior management. The MENA region has incredible potential as a center of excellence for Web3 and virtual assets. We look forward to the opportunity to expand the already growing ecosystem across the region.”
OKX Global Head of Government Relations Tim Byun said: “Dubai and VARA are world leaders in crypto regulation by establishing the most timely, comprehensive, and built from-the-ground-up framework for virtual assets and Web3. Licensing in Dubai is a critical element of OKX’s global regulatory compliance strategy. In today’s uncertain market environment, it’s of the utmost importance for VASPs to be highly secure, transparent, compliant, and backed by strong, clear regulation. Under VARA’s comprehensive framework, all operators must meet high standards of compliance, risk management, security, and consumer protection, benchmarked against well-known existing regulatory principles for traditional financial services. This provides confidence to operators and customers alike and positions the crypto and Web3 industry in MENA for increased participation and overall growth in the near and long term.”
OKX Chief Marketing Officer Haider Rafique said: “We’ve been waiting to enter the UAE, and we want people here to experience our products firsthand. We’re different – we do things in a measured and transparent manner. May was our seventh consecutive month of publishing our proof of reserves, making us the only crypto exchange globally with that commitment. We’ve done that while out-innovating the industry in Web3 with our leading decentralized ecosystem. We’ve also launched numerous new security features while adding more depth in markets. This attitude is consistent with the brand partners who represent us, Manchester City Football Club, McLaren Racing, and the Tribeca Festival. We take our time and do things the right way.”
OKX is a world-leading technology company building the future of Web3. Known as one of the fastest and most reliable crypto trading platforms for investors and professional traders everywhere, OKX’s crypto exchange is the second largest globally by trading volume and is trusted by more than 50 million users. OKX’s leading self-custody solutions include the Web3-compatible OKX Wallet, which allows users greater control of their assets while expanding access to DEXs, NFT marketplaces, DeFi, GameFi, and thousands of dApps. The company partners with a number of the world’s top brands and athletes, including: English Premier League champions Manchester City F.C., McLaren Formula 1, The Tribeca Festival, golfer Ian Poulter, Olympian Scotty James, and F1 driver Daniel Ricciardo. OKX is committed to transparency and security and publishes its Proof of Reserves on a monthly basis.
For more information on OKX, please visit OKX.com.
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The Dubai Virtual Assets Regulatory Authority [VARA] is the first specialized regulator in the world for the Virtual Assets sector. It was established in March 2022, following the effect of Law No.4 of 2022. VARA is responsible for regulating, supervising, and overseeing Virtual Assets (VAs) and VA activities in all zones across the Emirate of Dubai, including Special Development Zones and Free Zones but not the Dubai International Financial Centre.
VARA plays a crucial 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.
This announcement is only for informational purposes. It does not provide investment, tax, or legal advice and should not be considered an offer to purchase, sell, or hold digital assets. Digital assets, including stablecoins, are highly risky, can fluctuate greatly, and may even become worthless. Before trading or holding digital assets, you should carefully consider whether it is suitable for you in light of your financial condition. If you have any questions about your specific circumstances, please consult your legal, tax, or investment professional.
Marc Rognon, [email protected]