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Crypto trading app OKX has received a provisional virtual assets license from the Dubai Virtual Assets Regulatory Authority (VARA). According to the announcement, the license will enable the company to off its technology-driven products and services in the region.
OKX Takes Advantage Of Dubai’s Crypto-Friendly Environment
Dubai has proven to be a friendly environment for financial services and digital assets trading. The region offers one of the best-regulated environments for crypto and other digital assets. OKX said the firm wants to create a regional hub in Dubai as it plans to expand its operations and international presence.
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The crypto trading app also pointed out the increasing popularity of digital assets in the region as one of the major reasons it has decided to make Dubai one of its homes.
The General Manager of OKX Dubai, Lennix Lai, commented on the development. “The MENA region is one of the fastest growing markets for our industry,” he said. Lai added that the company is looking forward to contributing meaningfully to the innovation in the digital asset space in the region. The benefit of the new license is that the company will be operating in a well-regulated environment. This reduces risks and offers the platform the opportunity to grow and expand.
OKX Expands Presence Globally
OKX has been very busy in the market as it continues to grow its brand and break into new markets. The trading app has expanded its marketing and branding activities across several regions over the past few months. It recently partnered with Manchester City Football Club to become its official training kit partner.
Leading digital asset companies are now turning their attention to Dubai as a major hub for their business. Global Government Relations Officer at OK Group, Tim Byun, stated that the region is a pioneer in crypto and digital asset regulations. Last month, Crytpo.com also gained a provisional license to offer its services in the region. Several other companies are also looking to enter the rapidly expanding crypto market in Dubai.
Byun also stated that the VARA license will allow businesses to comply with mandates like Counter-Terrorist Financing (CFT), Anti-Money Laundering (AML), and Know Your Customer (KYC).
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