OKX has obtained a full operational license in the UAE!
Cryptocurrency exchange platform OKX announced today (10) that the company has become the world’s first cryptocurrency exchange platform to obtain a full operational license in the UAE. Rifad, the general manager of OKX Middle East, stated that this represents a new stage in OKX’s business in the Middle East and reflects its high regard for the future development of this region.
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 create a safe, transparent, and innovative cryptocurrency ecosystem.
Dubai has attracted numerous blockchain companies with its proactive policies and innovative spirit, and the government is actively promoting the development of financial technology to build a leading global digital economy. Obtaining the VARA license is not only a crucial step for OKX’s expansion in the Middle Eastern market, but also helps promote the development of the local cryptocurrency industry.
This also means that in the future, OKX will be able to legally provide various services in the Middle East, including trading, asset management, and custody, to meet the growing demand for virtual assets in the market.
Rifad Ma has neh, CEO of OKX UAE, stated: “OKX is honored to become the world’s first cryptocurrency exchange platform to obtain a full operational license in the UAE. This is not only a great achievement for us, but also an affirmation of our commitment to compliance, transparency, and innovation.”
Rifad also emphasized that obtaining the license is just the first step for 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 with an undeniable strategic position. By launching a cryptocurrency platform in the UAE, we can better position ourselves in the global market. We will continue to increase investment to bring safer and more convenient cryptocurrency services.”
Xu Mingxing, CEO of OKX: Continuously increasing investment in Dubai, with over 15 global offices already established
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 the team in Dubai, focusing on building and monitoring the effectiveness of compliance measures.
Currently, OKX is launching a comprehensive product suite tailored for the Dubai market, including AED quick purchase options, AED order book, USDC and USDT order book, and derivatives for institutional clients.
These products will serve retail and institutional investors, providing a richer range of cryptocurrency services to the Dubai financial ecosystem.
In addition, Xu Mingxing further pointed out that OKX has already established over 15 global offices worldwide, holding licenses in multiple countries and regions, including Dubai, the United States, the European Union, Singapore, Australia, and Japan.
What is the VARA license?
The Virtual Assets Regulatory Authority (VARA) in Dubai is an organization dedicated to regulating activities related to virtual assets in the local area, established in 2022, and is committed to creating a leading global virtual asset economic environment.
VARA’s regulation includes cryptocurrency exchanges, asset management companies, and virtual asset service providers, and is responsible for providing licenses and compliance management to 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 the VARA license is not only quite challenging, but also a major milestone.
After obtaining the license, the exchange can legally provide services in Dubai and the related 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.
Furthermore, Dubai is quickly becoming one of the global hubs for cryptocurrency assets, so obtaining the license allows the exchange to establish a presence in this active market and increase the exchange’s competitiveness internationally, attracting global investors and users.
