Popular cryptocurrency exchange OKX has for long had plans to expand its operations in the UAE. It has now been given provisional regulatory authorization by the Dubai Virtual Assets Regulatory Authority .
The implementation of VARA was announced in March by Sheikh Mohammed bin Rashid Al Maktoum, the Prime Minister and Ruler of Dubai. This new cryptocurrency law offers a legal framework for the exchange of digital assets.In addition to obtaining the crypto-license, OKX intends to establish a regional center in Dubai. It will act as the division’s headquarters for the Middle East.
OKX isn’t the only exchange to get such a license, however. Major platforms including FTX and Kraken have each obtained a cryptocurrency license in Dubai, according to reports.