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Usha Yadav
Jul 14, 2022
by Usha Yadav

OKX Acquired a Provisional Virtual Assets License in Dubai

OKX Virtual Assets License Dubai

Table of contents

  1. OKX Acquired Virtual Assets License in Dubai
  2. UAE Government Launched VARA
The Dubai Virtual Assets Regulatory Authority (VARA) has granted OKX a provisional virtual assets license, enabling them to deliver more services to accredited investors and financial service providers in Dubai, United Arab Emirates (UAE).

The OKX team informed in a statement that the license enables them to expand their products and services in the area. The exchange will thus make it easier for people to share knowledge and conduct research within the VARA regulatory ecosystem.

The team emphasized that maintaining regulatory compliance is essential because it safeguards users. The compliance framework provided by Dubai's VARA, in the opinion of Tim Byun, government relations officer of OK Group, represents UAE's leadership in fostering the future of the global economy.

OKX Acquired Virtual Assets License in Dubai

The Dubai Virtual Assets Regulatory Authority has granted OKX a provisional virtual assets license. Dubai is a pioneer in the regulation of the virtual assets sector, and it is swiftly becoming one of the top global hubs for the industry.

Tim Byun added that the VARA license enables companies to adhere to regulations like 'knowing your customer', counter-terrorist financing, and anti-money laundering. Additionally, he stated that OKX Dubai "plans to offer a broad spectrum of virtual asset products and services at this time."

UAE Government Launched VARA

In March, the UAE government launched VARA to offer a regulatory framework for cryptocurrencies in Dubai. The law focuses on safeguarding investors and establishing global norms for industry governance. The regulator will have jurisdiction over Dubai's unique development and Freezone zones, excluding the Dubai International Financial Centre.

In the meantime, the biggest airline in the UAE, Emirates, announced intentions to introduce non-fungible tokens (NFT) and adopt Bitcoin (BTC) payments in May. In addition, the business is looking into additional blockchain-based platforms like the Metaverse to broaden its appeal.

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OK group Bitcoin OKX Dubai Virtual Assets Regulatory Authority VARA Virtual Assets License
OKX Acquired a Provisional Virtual Assets License in Dubai
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

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