OKEx Middle East has been offering some products and services in the region since last July.
Dubai’s Virtual Assets Regulatory Authority (VARA) has allowed crypto exchanges okx A minimum viable product (MVP) initial license. This implies that the exchange has now got the nod to fulfill all the requirements to obtain a full operating license in the sector.
according to thursday statement By OKEx Middle East, once it receives this license, it will be able to expand its “approved suite of duly regulated virtual asset activities”. That is, it can then start offering spot, derivatives and fiat services. By that time, the firm will be able to undertake various transactions such as US Dollar and UAE Dirham deposits and withdrawals and also offer spot pairs to institutional and eligible retail clients.
Recall that OKX Middle East has been offering some products and services in the region since last July. This was after VARA granted it a provisional virtual asset provider license.
OKX signals an extension in the region
With the new MVP license, it appears that the firm’s ambitions to grow its business in the Middle East are now in full swing. And riding on the current wave, OKX has revealed plans to increase its workforce in Dubai to 30 people. However, most of the recruitment will be local and top management, OKX says.
According to the exchange, the UAE is a strategic point for its business. Moreover, given that the region is fast establishing itself as a haven in the light of crypto businesses regulatory pressure and uncertainty in America.
As a result, OKX seeks to establish its presence in the region by all means necessary. The firm has already opened an office in Dubai’s World Trade Center building. It has also revealed plans to expand its nine-figure brand partnership in the region, with various customer-led activities.
OKEx’s move into the Middle East follows its March announcement of plans to exit Canada. At the time, the exchange revealed that it would cease operations in Canada until June 22.
Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his writing style. He firmly believes in the potential of digital assets and takes every opportunity to reiterate this. He is also an avid reader, a researcher, an astute speaker and a budding entrepreneur. Although away from crypto, Mayowa’s distractions include discussing soccer or world politics.
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