OKX Middle East Receives MVP Ready License from Dubai VARA – Blockchain News, Opinion, TV & Careers

adminDecember 11, 2023

OKX expands to 30 employees in UAE to serve as strategic global and regional business hub

greatOKX Middle East Fintech OKX Middle East (FZE), the second-largest cryptocurrency exchange by trading volume and a leading Web3 technology company, today announced that it has received a Minimum Viable Product (MVP) ready license from the Dubai Virtual Asset Regulatory Authority (VARA). ).

The UAE is a key strategic growth and business hub for OKX globally and in the region, and the company plans to expand its operations in OKX Middle East. As part of these efforts, OKX has opened a new office at the Dubai World Trade Center and plans to expand its Dubai workforce to 30 employees, with a focus on local hiring and senior management. OKX also plans to expand its nine-figure brand partnership into the UAE through customer and fan-focused activations and activities.

The MVP Ready License allows approved licensees to meet all prerequisites required to perform MVP operations within the VARA regime. With its operating license, OKX Middle East will be able to expand its authorized suite of duly regulated virtual asset activities and offer spot, derivatives and fiat services, including USD and AED deposits, withdrawals and spot pairs, to institutional and qualified institutions. You can provide it to . Retail Customers.

OKX Global Chief Commercial Officer Lennix Lai said: “We are very excited to receive our MVP Ready License from VARA. Regulated entities are the future of digital assets and capital markets, and Dubai and VARA have succeeded in creating a unique environment where VASPs can thrive. As we expand into new offices this year, we are focusing on recruiting local staff and senior management. The MENA region has incredible potential as a hub for Web3 and virtual assets, and we look forward to the opportunity to expand this already growing ecosystem across the region.”

OKX Global Government Relations Director Tim Byun said: “Dubai and VARA are world leaders in cryptocurrency regulation by creating the most timely, comprehensive and built from the ground up framework for virtual assets and Web3. Licensing in Dubai is an important element of OKX’s global compliance strategy. In today’s uncertain market environment, it is of utmost importance that VASPs are highly secure, transparent, compliant, and backed by strong and clear regulation. VARA’s comprehensive framework requires all operators to meet high standards of compliance, risk management, security and consumer protection by benchmarking against existing, well-known regulatory principles for traditional financial services. “This provides trust for both operators and customers and positions the cryptocurrency and Web3 industries in MENA to increase engagement and achieve overall growth in the short and long term.”

Haider Rafique, OKX Chief Marketing Officer, said: “We have been waiting to enter the UAE and want people here to experience our products first-hand. We are different. We do our work in a discreet and transparent manner. May marked the seventh consecutive month that we issued Proof of Reserves, making us the only cryptocurrency exchange in the world to deliver on this promise. We achieved this by innovating beyond the Web3 industry through a leading decentralized ecosystem. We’ve also launched numerous new security features while adding depth to the market. This attitude is consistent with our iconic brand partners Manchester City Football Club, McLaren Racing and Tribeca Festival. We take our time and do things the right way.”

For more information about OKX, please visit: OKX.com.

OKX is a world-leading technology company building the future of Web3. OKX is known as one of the fastest and most reliable cryptocurrency trading platforms for investors and professional traders. cryptocurrency exchange It is the second largest in the world by trading volume and is trusted by over 50 million users.

OKX’s leading self-storage solutions include Web3 compatible OKX WalletThis gives users greater control over their assets while expanding access to DEX, NFT marketplaces, DeFi, GameFi, and thousands of dApps.

OKX partners with the world’s leading brands and athletes, including English Premier League champions Manchester City FC, McLaren Formula 1, The Tribeca Festival, golfer Ian Poulter, Olympian Scotty James and F1 driver Daniel Ricciardo.

OKX is committed to transparency and security. proof of reserve Monthly.

Dubai Virtual Asset Regulatory Authority (VARA) is the world’s first professional regulator for the virtual asset sector. Established in March 2022 upon the entry into force of Law No. 4 of 2022, VARA is the authority with the mandate to regulate, supervise and supervise VA and VA activities in all zones across the Emirate of Dubai, including special development zones and free zones. . However, Dubai International Financial Center is excluded.

VARA plays a central role in creating an advanced legal framework for Dubai to protect investors and establish international standards for virtual asset industry governance, while supporting its vision of a borderless economy.

This announcement is provided for informational purposes only. It is not intended to provide investment, tax or legal advice and should not be considered an offer to buy, sell or hold any digital assets. Digital assets, including stablecoins, carry a high level of risk, can fluctuate significantly, and may even become worthless. You should carefully consider whether trading or holding digital assets is right for you, taking into account your financial situation. If you have questions about your specific situation, please contact your legal/tax/investment professional.

For more information about OKX, please visit: OKX.com.