On June 15, Seychelles-based cryptocurrency exchange OKX entered the Middle East after being granted the Dubai Virtual Asset Regulatory Authority (VARA) a Minimum Viable Product (MVP) preparatory license.
The exchange has also expanded its services to Hong Kong, allowing users to access cryptocurrencies and third-party payment providers such as Apple Pay, Visa, and Mastercard.
Moreover, a recent report shows that the Seychelles-based crypto company is trying to expand its team in Dubai to 30 members — currently 15 — amid a current bullish trend in the market. OKX (CCO) Commercial Director Lennix Lai says the cryptocurrency exchange could be fully operational “within this year” thanks to the MVP license.
“You need a center to centralize activities, people and money. So, somewhat like the Hong Kong model or the Singapore model for the Dubai area.”
Lennix Lai, CCO at OKX
Lai added that OKX will only offer spot trading to its users in the region and will add support for the United Arab Emirates dirham (AED). This will help the exchange to link directly with banks within the country.
(embed) https://www.youtube.com/watch?v=UavYRYuw1QI (/embed)
Moreover, the CCO emphasized that the good thing about Dubai is its regulatory clarity — it has a separate license for crypto companies and a different license for stocks, bonds and futures.
He added that other regulators and governments could learn from the UAE’s position on digital assets and how it managed to separate virtual currencies from securities and commodities.
A recent report showed that the largest crypto exchange by trading volume, Binance, was also eyeing the UAE as its central operational hub amid unclear regulatory efforts in the US.