Seychelles-based crypto exchange company OKX announced yesterday that it has secured a provisional virtual asset license in Dubai that enables it to provide a limited range of goods and services to accredited UAE investors as well as those in the Gulf Cooperation Council and Africa. The company also plans to set up a regional hub at the Dubai World Trade Center to contribute to the region’s development while promoting the advancement of the crypto industry.
According to the announcement, the Dubai World Trade Center Authority signed the authorization through its Virtual Assets Regulatory Authority (VARA), an agency established earlier this year to oversee crypto activities in the United Arab Emirates (UAE) and to protect investors.
In addition to providing digital asset services in Dubai, the company stated that it will engage in constructive dialogues to promote conversations about regulations while facilitating support for local cryptocurrency research.
“Dubai is also a pioneer in the virtual asset industry, and we are excited to participate in its sound compliance framework and development,” an OKX representative said.
“Education and safeguarding users’ assets remain the utmost priority to us and we feel this latest license will help us move the industry forward into a safer and more user-friendly environment,” the representative added.
The Middle East and North Africa are among the regions with the fastest expanding virtual asset markets and OKX is pleased to support their free exchange of ideas and forthcoming regulatory developments.
OKX’s provisional license comes a few days after the exchange signed a training kit sponsorship agreement with Premier League football club Manchester City. Although the partnership came with undisclosed financial terms, it is speculated to be worth around $20 million.