Crypto Exchange OKX Receives Provisional License in Dubai

Popular cryptocurrency exchange OKX, formerly known as OKEx, has joined a growing list of crypto trading platforms to receive approval to operate as a digital asset service provider (DASP) in Dubai. 

OKX Secures Provisional License in Dubai

The Seychelles-based company revealed Thursday that it has secured a provisional license that allows it to offer limited products and services to qualified UAE investors and those in the Gulf Cooperation Council and Africa.

“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,” OKX said.

Per 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. 

OKX to Launch Regional Office in Dubai

In addition to the provisional license, the exchange disclosed that it would open a regional office at the Dubai World Trade Center to contribute to the region’s development while promoting the advancement of the crypto industry. 

OKX noted that the Middle East and North Africa are among the fastest growing virtual asset markets, and it is proud to contribute to its free exchange of ideas and future regulatory developments. 

Aside from operating as a digital asset service provider in Dubai, the firm stated that it would engage in constructive dialogue to promote discussions centered around regulations while also facilitating crypto research in the region. 

“Dubai is also a pioneer in the virtual asset industry, and we are excited to participate in its sound compliance framework and development,” OKX said. 

OKX’s provisional license comes just 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’s reportedly worth around $20 million.