- OKX is provisionally granted the VARA license in Dubai.
- Approval allows expansion of the range of services.
- Crypto exchange wants to build regional infrastructure and create added value through knowledge exchange.
The OKX crypto exchange has received a preliminary license from the Dubai Virtual Assets Regulatory Authority (VARA), under which the trading platform is now allowed to provide an even more extensive range of services for investors and financial service providers in the United Arab Emirates (UAE).
As OKX explains to Cointelegraph, the approval not only enables a more extensive business operation for the crypto exchange in Dubai and related regions, but also a better exchange of knowledge and information within the VARA ecosystem. In this regard, the crypto trading platform emphasizes that cooperation with the authorities is a top priority in order to ensure the greatest possible protection of investors.
According to Tim Byun, the Government Relations Officer of OK Group, VARA’s regulatory framework reflects the open attitude of the United Arab Emirates towards the global economy of the future:
“Dubai is a pioneer when it comes to the regulation of cryptocurrencies, and is rapidly becoming one of the most important centers in the industry.“
As Byun points out to Cointelegraph, the VARA license includes regulatory requirements for areas such as anti-money laundering, combating terrorist financing and obtaining customer data, which are designed in such a way that crypto companies can comply with them with a proportionate effort.
Lennix Lai from the Management of OKX also emphasizes that the crypto exchange is particularly interested in participating in the regional ecosystem and that the associated exchange of knowledge can provide added value for the crypto industry. For this reason, the trading platform wants to establish its own hub in Dubai, which will build infrastructure in Dubai.
