The operating license of the OKX exchange in the United Arab Emirates was extended by the Virtual Assets Regulatory Authority. Dubai is trying to become the hub of digital currencies in the world.
OKX Exchange is the latest digital currency exchange to obtain a temporary business license in the United Arab Emirates. The provisional license allows OKX to offer certain of its exchange products and services to qualified UAE investors.
Read more: What is a decentralized exchange?
Extension of OKX exchange license in the UAE
The Virtual Asset Regulatory Authority (VARA) in Dubai has recently extended the operating license of the OKX exchange. According to a statement released by OKX, the VARA license allows OKX Exchange to offer its exchange products and services to Emirati investors. Lennix Lai, general manager of OKX Dubai Exchange, said in response to the extension of OKX’s operating license in the UAE:
The MENA region is one of the regions that brings the most growth to our industry. We are thrilled to be at the heart of this thriving ecosystem. OKX looks forward to meaningfully contributing to the implementation of new ideas and innovations in the industry.
In the published statement, OKX announced that it is committed to building the necessary infrastructure as well as forming its team in the United Arab Emirates. The exchange added that it will share its knowledge and research results and participate in the project of transforming Dubai into a leading center of the digital currency industry.
Since its establishment this year, VARA has granted approvals and temporary licenses to cryptocurrency exchange platforms such as Binance and Bahrain-based Coinmena.
According to Tim Byun, Head of Global Government Relations at OK Group, Dubai has once again proven that it is one of the main global hubs in the cryptocurrency industry by renewing OKX’s operating license. Bion added:
The granting of temporary licenses is a reflection of the UAE’s leadership in nurturing the future global economy.
Read more:
What do you think about the renewal of OKX exchange license in the UAE? Please leave your comments in the comments section duplicate share it.
Source: bitcoin