Seychelles-based crypto trading app OKX is the latest firm awarded a provisional virtual assets licence in Dubai.
The licence from the emirate’s Virtual Assets Regulatory Authority (Vara) will enable OKX to offer certain crypto exchange products and services to qualified investors.
In addition to securing the provisional licence, OKX will also set up a regional hub in Dubai.
The news comes just a week after digital brokerage GCEX opened a new office in Dubai following a provisional licence from Vara.
Vara was formed earlier this year, making Dubai one of the few places with a dedicated crypto assets regulator.
“The Mena region is one of the fastest growing markets for our industry, and we are very excited to be at the heart of this thriving ecosystem,” said Lennix Lai, general manager, OKX Dubai.
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