OKX, one of the largest crypto exchanges in the world, has been granted a provisional virtual assets license by the Dubai World Trade Center Authority. The development allows the firm to provide services to qualified investors in the United Arab Emirates.
With the license, OKX plans to open a Dubai World Trade Center hub. In a blog post, the firm acknowledged that Dubai is a pioneer in the virtual asset industry. The firm looks forward to participating in the region’s sound compliance framework and development.
OKX’s blog stated that,
“Education and safeguarding users’ assets remain the utmost priority to us — and we feel this latest license will help us move the industry forward into a safer and more user-friendly environment.”
Moreover, OKX also intends to facilitate research and information transfer. Additionally, it aims at engaging in constructive discourse to enhance regulatory and legislative dialogue.
Regarding the Middle East and North Africa (MENA), Lenix Lai, General Manager at 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.”
In addition, Tim Byun, Global Government Relations Officer at OK Group, also believes that Dubai is quickly establishing itself as a global hub for the crypto industry.
OKX has over 20 million global customers and provides services in over 180 international markets.
Dubai the crypto Mecca?
The Emirate of Dubai has fast become the crypto hub of the world. The spotlight has gone from East Asia to West Asia. Singapore once held the crypto crown of the world. But of late, the desert region has snatched Singapore’s glory.
Dubai’s business and crypto-friendly rules have been the primary reason for crypto businesses to open up shop there. Many cryptocurrency businesses have moved their headquarters to Dubai due to its openness to the new industry.
Dubai’s Prime Minister and Ruler Sheikh Mohammed bin Rashid Al Maktoum announced the crypto regulation law in March. The regulatory body is called VARA (Virtual Assets Regulatory Authority).
Major exchanges in the world have already set up shop in Dubai. This includes Binance, Crypto.com, Bybit, FTX, Kraken, Huobi, eToro, etc.