2 years ago
The Seychelles-based crypto trading app, OKX, precocious became the latest virtual assets work supplier to beryllium granted a provisional licence to supply its services successful the United Arab Emirates (UAE). The provisional licence allows OKX to widen definite speech products and services to pre-qualified investors and fiscal work providers.
OKX Allowed to Extend Certain Exchange Products
The Dubai integer plus regulator, the Virtual Assets Regulatory Authority (VARA), precocious granted the Seychelles-based crypto trading level OKX a “provisional virtual assets licence to supply services to qualified investors successful the UAE.”
According to a statement released by OKX, this licence “allows it to widen definite speech products and services to pre-qualified investors and fiscal work providers.” Remarking connected the VARA’s determination to assistance the provisional license, OKX wide manager for Dubai, Lennix Lai said:
The MENA portion is 1 of the fastest-growing markets for our industry, and we are precise excited to beryllium astatine the bosom of this thriving ecosystem. OKX looks guardant to contributing meaningfully to the escaped speech of ideas that is going to beryllium truthful important to the improvement of this abstraction portion innovating for the aboriginal successful a regulated framework.
In the statement, OKX said it is committed to helping physique the indispensable infrastructure arsenic good arsenic its squad successful the United Arab Emirates (UAE). OKX added that it volition besides enactment successful the VARA regulatory ecosystem “by facilitating probe and cognition sharing with the extremity of making Dubai a starring hub for the planetary virtual assets industry.”
Dubai a Top Hub for Crypto Industry
Since its establishment earlier this year, VARA has granted provisional approvals oregon licenses to cryptocurrency speech platforms that scope from Binance to the Bahrain-based Coinmena. According to Tim Byun, the Global Government Relations Officer astatine the OK Group, by granting OKX the provisional licence VARA has erstwhile again proved that it is “one of the apical planetary hubs for the industry.”
The provisional licence is besides a reflection of the UAE’s enactment successful nurturing the aboriginal planetary economy, Byun added.
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