Despite the ongoing crypto market crisis, crypto firms keep expanding to new regions. According to reports, Dubai’s regulator has given the crypto exchange a license to provide virtual asset services.
OKX To Provide Virtual Asset Service In Dubai
The Dubai regulator, VARA (Virtual Assets Regulatory Authority), has awarded the exchange platform OKX a temporary digital assets license. Now, OKX can provide more services to accredited investors and financial service providers in Dubai.
According to Cointelegraph, the license enables OKX to expand its goods and services in the region. The exchange will thus make it easier for people to share knowledge and conduct research.
Furthermore, OKX will do all this under the regulation of the VARA. The firm emphasized that maintaining compliance with regulations is important to them. This is because it safeguards users.
According to Tim Byun, OKX’s relations officer, the VARA’s compliance framework is innovative and acceptable. Byun said it signifies UAE’s leadership in improving the future of the worldwide economy.
“Dubai is a trailblazer in the regulation of the virtual assets sector. Also, it is quickly rising to the top of the list of the world’s industrial centers,” he added.
Furthermore, Byun stated that the VARA’s license enables companies to adhere to regulations. This includes Anti-Money Laundering (AML), Counter-Terrorist Financing (CTF), and Know Your Customer (KYC).
Meanwhile, he added that OKX Dubai plans to introduce a broad array of virtual asset products. This will allow it to gain more patronage in the region.
OKX To Establish Regional Base In Dubai
Lennix Lai, an executive at OKX, also commented on the latest license acquisition. Lai said the exchange is ready to engage in ideas that would benefit the crypto sector.
In light of this, the exchange will establish a regional base in Dubai. It would cite more facilities in the region and develop its staff.
The government launched the VARA regulatory body in March. The purpose aims to offer a regulatory framework for cryptocurrencies in Dubai.
Also, the legislation focuses on safeguarding clients and establishing international norms for governance. Moreover, the regulator’s jurisdiction includes Dubai’s special development and free zones. However, this does not include the Dubai International Financial Center.
In the meantime, the biggest airline in the UAE, Emirates, has ventured into the crypto space. The airline recently announced its intentions to introduce NFTs and adopt Bitcoin payments in May.
In addition to this, the company is looking at additional blockchain-based platforms. This includes the popular metaverse project several companies are embarking on. It hopes this will broaden its appeal to its users.