OKX To Begin Operation in Dubai After VARA License Approval

OKX exchange has taken a big step into the Middle East market by entering Dubai after receiving permission for its Virtual Asset Regulatory Authority (VARA) license. OKX now has a significant role in the Middle East’s digital asset scene as a result of the approval, which allows it to participate in the growing UAE cryptocurrency market.

The popularity of cryptocurrencies has experienced a noticeable growth in the Middle East and North Africa (MENA) area, which is now home to the sixth-largest crypto economy in the world. The MENA region is predicted to have $389 billion in on-chain value, or 7.2% of global transaction volume, according to analysis statistics.

OKX Demonstrates its Dedication Towards Offering Safe Operations Through Regulation 

The VARA license guarantees that OKX can carry out its business in a transparent and law-abiding way by signifying compliance with the regulatory criteria established by Dubai’s financial authorities.

By securing the VARA license, OKX demonstrates its dedication to offering a safe and regulated platform for trading digital assets and wins the confidence of authorities and users alike. However, it is still being determined how this calculated action would affect OKX’s market share and advance the growth of the local cryptocurrency sector as a whole.

The report also has it that OKX had been offered a preparatory license in June 2023 after going through the 3-of-3 license application procedure – the said license is peculiar to the one offered to Crypto.com. The issuance of VARA represents a complete approval of the operational clearance process.

Crypto.com Gets VARA License, Issues Local Currency Pairs 

The strategic consequences of OKX’s launch into Dubai extend to the exchange’s goals for worldwide expansion. The Middle East is a dynamic market that is seeing an increase in interest in digital assets due to a number of factors, including economic diversification, technical improvements, and a growing population.

The company will be making provisions for the UAE local currency trading pairs. Among the major listed pairs are AED/ETH, AED/BTC, and its equivalent. This will be the first time the company is doing something like this outside the United States.

As a step towards ensuring that Dubai becomes one of the major cryptocurrency destinations, the country has also offered Crypto.com a VARA operational license in November 2023. Users can also access many sport services, and currency pairs using the OKX mobile app.

Dubai’s Place in the World Cryptocurrency, OKX GM Expresses Excitement 

Dubai is working towards becoming a major player in the global blockchain and digital asset field, which is reflected in its legislative strategy and support for the cryptocurrency sector. The General Manager of OKX, Rifad Mahasneh, Middle East and North Africa (MENA) Region, has stated that  the recent event will allow them to offer seamless services to its UAE prospects.

The company has targeted the UAE residents for some time now. Mahasneh added that the company will also be adding spot trading and traditional currency-related services. This means that withdrawals and deposits of all local currencies will be allowed, including the United Arab Emirates dirham (AED).

Data from the Payment Expert platform has it that the UAE is currently the second biggest cryptocurrency industry in the MENA region after Turkey. According to the data, they are currently ahead of Morocco, Saudi Arabia, and Iran.