Seychelles-based crypto exchange, OKX, announced acquiring a provisional virtual assets license in Dubai.allowing it to get ready for when the license becomes operational.
OKX Middle East has already taken up residence in a new office in Dubai World Trade Center, and says it plans to expand the number of staff to 30, with a focus on local hires and senior management. Once the Minimal Viable Product (MVP) license becomes fully functional, OKX Middle East will provide spot, derivatives and fiat services, including U.S. dollar and United Arab Emirates dirham (AED) deposits, withdrawals and spot-pairs, the company said in its recent press release
OKX will now be able to offer certain services to qualified investors in the United Arab Emirates, the broader Gulf Cooperation Council, Africa, and elsewhere. Additionally, OKX also said it will participate in the VARA regulatory ecosystem by fostering research to promote Dubai as an industry hub.
“One of the largest crypto markets, the UAE, has been looking to lure some of the world’s most prominent crypto and fintech firms. Along the same lines”. OKX General Manager Lennix Lai reiterated . ” We think Dubai is very important and serves as our regional hub for UAE and MENA (Middle East and North Africa),” Tim Byun, OKX global head of government relations, mentioned in a recent interview. Crypto exchanges are looking out for options around the globe, particularly following recent lawsuits in the U.S. by the Securities and Exchange Commission (SEC).
However, both OKX and Binance threaded a similar path of closing operations in Canada for the time being. Byun pointed out OKX remains strongly committed to Canada and the Ontario Securities Commission (OSC).
“We are not dropping out of Canada,” he said. “We are progressing with our license as a broker dealer with the OSC.” While it may be “a long road,” the exchange will get back to Canada as soon as possible, he said.