OKX obtains full operational license in the UAE!
Cryptocurrency exchange platform OKX announced today (10th) that the company has become the world’s first cryptocurrency trading platform to obtain a full operational license in the UAE. OKX Middle East general manager Rifad stated that this represents a new phase for OKX’s business in the Middle East and reflects its high regard for the region’s future development.
The UAE is an important market in the global cryptocurrency field, especially in Dubai, where the local government has established the Virtual Assets Regulatory Authority (VARA) to continuously work towards creating a safe, transparent, and innovative cryptocurrency ecosystem.
Dubai has attracted numerous blockchain companies with its proactive policies and innovative spirit, and the government is strongly promoting the development of financial technology, aiming to create a leading global digital economic system. OKX’s acquisition of the VARA license is not only a key step in its expansion in the Middle Eastern market, but also contributes to the development of the local cryptocurrency industry.
This also means that in the future, OKX will be able to legally provide a variety of services in the Middle East, including trading, asset management, custody, and more, to meet the growing demand for virtual assets in the market.
Rifad Ma has neh, CEO of OKX UAE, said: “OKX is honored to become the world’s first cryptocurrency trading platform to obtain a full operational license in the UAE, which is not only a great achievement for us, but also an affirmation of our commitment to compliance, transparency, and innovation.”
Rifad also emphasized that this license is only the first step in OKX’s long-term development in the Middle Eastern market. In the future, the company will make more investments in the region, from infrastructure to product innovation, to continue expanding its market influence.
“The UAE is a global hub, and its strategic position is self-evident. By launching a cryptocurrency platform in the UAE, we can better establish ourselves in the global market. We will continue to increase our investment to bring safer and more convenient cryptocurrency services.”
OKX CEO Xu Mingxing: Will continue to increase investment in Dubai, currently has established over 15 global offices
Xu Mingxing, CEO of OKX, stated that as a commitment to Dubai, OKX plans to establish a regional headquarters in Dubai and will continue to invest in and expand its team in Dubai, focusing on building and monitoring the effectiveness of compliance measures.
Currently, OKX is launching a comprehensive product portfolio tailored for the Dubai market, including AED fast purchase options, AED order book, USDC and USDT order book, and derivatives for institutional clients.
These products will serve both retail and institutional investors, providing a richer range of encryption services for Dubai’s financial ecosystem.
In addition, Xu Mingxing further pointed out that OKX currently has over 15 global offices worldwide and holds licenses in various countries and regions, including Dubai, the United States, the European Union, Singapore, Australia, and Japan.
What is a VARA license?
The Virtual Assets Regulatory Authority (VARA) in Dubai is an institution dedicated to regulating activities related to virtual assets locally, established in 2022, and is continuously working to create a leading global virtual asset economic environment.
VARA regulation includes cryptocurrency exchanges, asset management companies, virtual asset service providers, and is responsible for providing licenses and compliance management for these companies.
The VARA license is a business license that companies related to virtual assets must apply for, covering various services such as trading, custody, and transfer. The application process for this license is relatively strict, as it not only ensures that companies comply with anti-money laundering (AML) and combating the financing of terrorism (CFT) requirements, but also safeguards the interests of investors and users.
For exchanges, obtaining a VARA license is not only quite difficult, but also a major milestone.
After obtaining the license, the exchange can legally provide services in Dubai and the relevant regions, and comply with local laws and regulations.
Obtaining the license indicates that the exchange complies with strict compliance standards, especially in terms of fund security and compliance management, thus increasing the trust of market users.
In addition, Dubai is rapidly becoming one of the global cryptocurrency asset centers, so obtaining a license can also allow the exchange to establish a foothold in this active market and increase its competitiveness internationally, attracting global investors and users.