OKX Middle East had been offering certain products and services in the region since last July.
Dubai’s Virtual Assets Regulatory Authority (VARA) has granted crypto exchange OKX a minimal viable product (MVP) preparatory license. This implies that the exchange is now cleared to fulfill all requirements to bag a full operational license in the region.
According to a Thursday statement by OKX Middle East, once it receives this license, it will be able to extend its “approved suite of duly regulated virtual assets activities”. That is, it then can start offering spot, derivatives, and fiat services. By that time, the firm will also be able to carry out various transactions such as US dollar and UAE dirham deposits and withdrawals and also offer spot pairs to institutional and qualified retail customers.
Recall that OKX Middle East had been offering certain products and services in the region since last July. That was after VARA granted it a provisional virtual assets provider license.
OKX Signals Expansion in the Region
With the new MVP license, it appears that the ambition of the firm to scale its business in the Middle East is now in full throttle. And riding on the current wave, OKX has revealed plans to increase its staff in Dubai to 30 people. However, most of the recruits will be locals and top management, says OKX.
According to the exchange, the UAE is a strategic point for its business. More so, given that the region is fast establishing itself as a haven for crypto businesses in light of regulatory pressure and uncertainties in the US.
As a result, OKX is looking to establish its presence in the region by all means necessary. The firm has already opened an office at Dubai’s World Trade Centre building. It has also revealed plans to extend its nine-figure brand partnerships to the region, albeit with different customer-based activities.
OKX’s move into the Middle East follows a March announcement of its planned exit from Canada. At the time, the exchange revealed that it will no longer operate in Canada by June 22.
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