OKX Middle East receives MVP license from VARA
OKX Middle East receives MVP license from VARA
Crypto exchange OKX announced that OKX Middle East Fintech FZE has been granted a preparatory MVP license by the Dubai Virtual Asset Regulatory Authority (VARA).
OKX sees the UAE as a key hub for its industry and is preparing to expand its presence through OKX Middle East. As part of this effort, OKX has opened a new office in the Dubai World Trade Center and is also preparing various events and promotions for OKX Middle East clients.
According to information posted on OKX's Twitter page, the MVP license will allow OKX Middle East to offer spot, derivatives, and fiat services to institutional and qualified retail clients, including USD and UAE Dirham deposits, withdrawals, and spot pairs.
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"We're thrilled to receive the MVP preparatory license from VARA. Regulated entities are the future of digital assets and capital markets, and Dubai and VARA have succeeded in creating a unique environment where VASPs can thrive. With the expansion into a new office this year, we are focused on hiring local staff and senior management. The MENA region has incredible potential as a center of excellence for Web3 and virtual assets, and we look forward to the opportunity to expand the already growing ecosystem across the region," said Lennix Lai, OKX Global Chief Commercial Officer.
"Dubai and VARA are world leaders in crypto regulation by establishing the most timely, comprehensive, and built from-the-ground-up framework for virtual assets and Web3. Licensing in Dubai is a critical element of OKX's global regulatory compliance strategy," added Tim Byun, OKX Global Head of Government Relations.
We previously wrote that OKX released an exclusive NFT collection to celebrate Manchester City's victory.
