OKX, the second-largest crypto exchange by trading volume and a web3 technology company, today announced that OKX Middle East Fintech FZE (OKX Middle East) has received a Minimal Viable Product (MVP) Preparatory license from the Dubai Virtual Assets Regulatory Authority (VARA).
The UAE is a key strategic growth and business hub for OKX globally and in the region, and the company plans to scale OKX Middle East’s operations.
As part of this effort, OKX has opened a new office in Dubai World Trade Center and will seek to expand its Dubai staff members to 30 with a focus on local hires and senior management.
OKX also plans to extend its nine-figure brand partnerships to the UAE with customer and fan-focused activations and activities.
The MVP preparatory license allows approved licensees to fulfill all pre-conditions required to undertake MVP operations within the VARA regime.
Once licensed to be operational, OKX Middle East will be able to extend its approved suite of duly regulated virtual assets activities and will provide spot, derivatives, and fiat services, including USD and AED deposits, withdrawals, and spot-pairs, to institutional and qualified retail customers.