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OKX Receives Preliminary License in Dubai
Major crypto asset (virtual currency) exchange OKX announced on the 15th that it has obtained a preliminary license from the Virtual Currency Regulatory Authority (VARA) in Dubai, United Arab Emirates (UAE).
OKX says, “The UAE is an important strategic growth and business base,” and plans to expand its business in the Middle East.
As part of the initiative, the company said it will open a new office in the Dubai World Trade Center and expand its staff in Dubai to 30 people, with a focus on local hires and senior management. We will also form partnerships with other companies in the UAE.
The preliminary license obtained this time means that OKX has fulfilled the necessary prerequisites for handling the minimum product under VARA regulations.
After obtaining a full operating license, OKX Middle East, the Middle East division of OKX, will provide institutional investors and institutional investors with a series of cryptocurrency services, including deposits and withdrawals in U.S. dollars and the UAE legal currency dirham, spot trading, and derivatives. be made available to qualified users.
What is Dubai’s Virtual Currency Regulatory Authority (VARA)?
Established in 2022. A regulatory body tasked with regulating and supervising cryptocurrencies and cryptocurrency service providers throughout the Emirate of Dubai. The Dubai International Financial Center is excluded from VARA’s regulation and supervision as it has its own regulatory authority.
Cryptocurrency Glossary
Tim Byung, Head of Global Government Relations at OKX, commented:
Obtaining a license in Dubai is also important to OKX’s global regulatory compliance strategy. In today’s uncertain market environment, it’s important that cryptocurrency service providers are secure, transparent and compliant. In doing so, it is essential that it is backed up by clear regulations.
Under VARA’s comprehensive regulatory framework, all operators must meet high standards of compliance, risk management, security and consumer protection in light of existing principles as known in traditional financial services. not.
In March, OKX announced that it intended to establish a local subsidiary and apply for a license in Hong Kong, which is promoting policies to support the cryptocurrency industry.
connection: Major exchange OKX to apply for virtual currency license in Hong Kong
Dubai Clarifying Crypto Regulations
The United Arab Emirates (UAE) is actively promoting cryptocurrencies and Web3. Binance, Bybit and Crypto.com are already licensed in Dubai.
In February, VARA released regulatory guidelines related to cryptocurrencies. It stipulates the basic principles and goals related to the issuance of virtual currency, the licensing system, the prevention of money laundering and terrorism financing, and marketing and promotion.
It also included a ban on the issuance of highly anonymous currency and all related business activities.
connection: Dubai regulator announces regulatory policy on virtual currency Prohibition of highly anonymous currency
The CEO of major US cryptocurrency exchange Coinbase also visited the UAE in May to evaluate the local regulatory system. He also said that clear rules have been published, that he is positive about the cryptocurrency business, and that investor protection is being strengthened.
“This region has the potential to become a strategic hub for Coinbase,” Coinbase executive Nana Murugesan said at the time.
In the United States, the U.S. Securities and Exchange Commission (SEC) has been criticized for continuing to take legal enforcement actions without providing clear regulatory guidelines to the cryptocurrency industry.
Under these circumstances, some U.S. cryptocurrency companies are seeing potential in overseas business.
connection: U.S. Coinbase CEO and other executives visit UAE and highly appreciate virtual currency regulations
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