OKX will extend offers in Dubai after it got its provisional license which will allow investors to use their services and products so let’s read more today in our cryptocurrency news.
The crypto exchange OKX acquired a provisional virtual assets license granted by the Dubai Virtual Assets Regulatory authority which allows them to offer more services to qualified investors and the service provides in Dubai. In a statement, the OKX team said that the licnese allows them or extend products and services in the region so after this, the exchange will facilitate research and knowledge sharing in the VARA regulatory ecosystem. The team also underscored that regulatory compliance is a priority for them in order to bring better protection to the users.
According to Tim Byun, the government relations officer at OK Group, the complaince framework by the Dubai VARA regulator reflects the UAE leadership in growing the future global economy:
“Dubai is a pioneer when it comes to regulation of the virtual assets sector, and it is swiftly becoming one of the top global hubs for the industry.”
Buyn also noted that the VARA license allows businesses to be compliant with mandates like anti-money laundering, counter-terrorist financing, and KYC policies. He mentioned that at this point, OKX Dubai expects to offer a broad spectrum of virtual asset products and services. An OKX executive Lennix Lai, also noted that their team Is eager to contribute to the local ecosystem and to take part in the exchange of ideas that will be implemented in the crypto space. The exchange will create a regional hub as well and will build its team and infrastructure in the country.
Back in March, the UAE government established VARA to provide a legal framework for crypto in the region and the law focused on protecting the investors and creating international standards for governance in the industry. The regulator will also have authority within Dubai’s special development and the free zone areas without including the Dubai International Financial Centre. In the meantime, the biggest airline in the UAE revealed more plans to launch NFT and to implement payments in BTC so apart from these, the company is exploring other technologies like the Metaverse.