Crypto exchange OKX gets Dubai licence, set to open hub in city

OKX has received a provisional virtual-asset licence in Dubai and plans to set up a regional hub in the city that’s been trying to attract cryptocurrency companies from around the world.

The licence will allow OKX – one of the world’s largest cryptocurrency exchanges by trading volume – to provide access to some products and services to investors in the UAE.

?? OKX has been granted a provisional virtual assets (VA) license to provide services to qualified investors in the UAE, the broader GCC, Africa, and beyond.

This will enable #OKX to innovate for the future in a healthy, regulated framework.#BetterFuture

— OKX (@okx) July 14, 2022

“OKX is committed to building out both its team and necessary infrastructure in the UAE,” general manager Lennix Lai said in a statement, adding that the market had a growing local crypto ecosystem and “a balanced regulatory framework.”

The UAE is amongst the largest crypto markets in the region, along with Turkey and Lebanon, according to data compiled by Chainalysis.

The Gulf nation is seeking to attract some of the world’s biggest crypto and fintech companies – and firms including Binance and FTX have been granted licences in Dubai.

Read: Digital asset exchange Coinmena receives provisional licence from Dubai’s VARA