Crypto exchange OKX eyes UAE expansion after Dubai regulatory approval

Cryptocurrency exchange OKX has obtained provisional regulatory approval from the Dubai Virtual Assets Regulatory Authority (VARA) and plans to expand its operations in the UAE.

As reported by Blockworks, with a provisional virtual asset licence, the crypto exchange will offer products and services to pre-qualified investors and financial service providers in the region. Earlier in June, the crypto exchange had announced that it planned to recruit 100 employees in the region.

In March, Dubai's Prime Minister and ruler Sheikh Mohammed bin Rashid Al Maktoum announced the launch of VARA,  a new crypto law that sets a regulatory precedent for trading digital assets.

VARA-approved crypto exchanges and firms are obligated to follow the market model of testing, adjusting, and scaling. Initially, pre-qualified investors and professional financial service providers can get a limited range of exchange products and services. After that, VARA keeps an eye on the markets before granting access to other retail investors.

Following the announcement of VARA, several crypto exchanges and firms announced they were expanding their operations in Dubai. In March, Binance—the world’s largest crypto exchange by trading volume - was granted a Virtual Asset Licence to operate under Dubai’s ‘test-adapt-scale’ virtual asset market model.

Earlier last month, Singapore-based crypto exchange Crypto.com announced its expansion in Dubai. Other crypto exchanges, including Bybit, FTX, Kraken, are also expanding their presence in the emirate.