Popular cryptocurrency exchange OKX, formerly known as OKEx, has added its name to a growing list of cryptocurrency trading platforms that have been granted permission to function in Dubai as a digital asset service provider (DASP).
The Seychelles-based business announced on Thursday that it has obtained a provisional license that enables it to provide a limited range of goods and services to qualified UAE investors as well as those in the Gulf Cooperation Council and Africa.
According to OKX, “education and protecting users’ assets remain the foremost priorities to us, and we trust our most recent license will help us drive the industry forward towards a safer and more user-friendly environment.”
According to the release, the Virtual Assets Regulatory Authority (VARA), an organization founded earlier this year to monitor cryptocurrency operations in the United Arab Emirates (UAE) and to protect investors, was used by the Dubai World Trade Center Authority to sign the permit.
Along with the provisional license, the exchange also announced that it would establish a regional office at the Dubai World Trade Center to assist the development of the region and the cryptocurrency business.
The Middle East and North Africa are among the regions with the fastest expanding virtual asset markets, and OKX is pleased to support their open intellectual exchange and upcoming legislative reforms.
In addition to providing digital asset services in Dubai, the company declared that it will engage in constructive discussion to advance debates about legislation and support local cryptocurrency research.
Dubai is a pioneer in the virtual asset sector as well, and OKX is pleased to contribute to its development and good compliance framework.
Just a few days after agreeing to sponsor the training uniform of Premier League football team Manchester City, OKX signed a provisional license. Although the partnership’s financial parameters were kept under wraps, it is estimated to be worth $20 million.