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OKX, the European-based cryptocurrency exchange, has been awarded the MVP pre-approval license by the Dubai Virtual Asset Regulatory Authority.

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OKX, the European exchange, plans to expand its business in the Middle East as part of its global strategic growth and business center.

Source: Ouyi OKX

On June 15, 2023, OKX, the second largest digital asset trading platform and Web3 technology company in the world, announced that it has been awarded the MVP (Minimal Viable Product) provisional license by the Dubai Virtual Asset Regulatory Authority (VARA). Prior to this, OKX had already obtained a temporary virtual asset license from VARA.

The MVP preparatory license allows licensed holders who have been approved to meet all the prerequisites for MVP operations under the VARA regulatory regime. Once operational approval is obtained, Ouke OKX will be able to conduct virtual asset activities approved by VARA and provide a range of virtual asset-related services to qualified retail and institutional clients.

Lennix Lai, the Chief Business Officer of OKX, expressed: "We are pleased to obtain the MVP preparatory license from VARA. Compliance is the future development theme of virtual asset trading platforms. Dubai and VARA have successfully created a suitable environment for virtual asset service providers to have sufficient room for development. With the establishment of our new office in Dubai this year, OKX will focus on recruiting local employees to better serve local users. The Middle East and North Africa region is the most promising Web3 and virtual asset market in the world, showing tremendous vitality. We look forward to providing better services here."

Tim Byun, the global government relations director of Ouyi OKX, said: "Dubai and VARA are becoming leaders in global crypto regulation by establishing timely, comprehensive, and standardized regulatory frameworks for the virtual asset and Web3 industries. Obtaining the MVP provisional license is an important achievement in Ouyi OKX's global compliance process. In today's uncertain market environment, the security, transparency, and compliance of virtual asset service providers are crucial. Under VARA's comprehensive framework, all virtual service providers must meet the high standards of traditional financial service providers in compliance, risk management, security, and consumer protection, which provides users with confidence and enables the virtual asset and Web3 industries in the Middle East and North Africa to grow."

Haider Rafique, Chief Marketing Officer of Oukei OKX, said: "We have been looking forward to entering the UAE market and hope that locals can experience Oukei OKX's products and services firsthand. Compared with other virtual asset trading platforms, Oukei OKX has always maintained prudence and high transparency. It has released the platform's reserve proof for seven consecutive months, making it the only virtual asset trading platform in the world to publish reserve proof on a monthly basis. At the same time, Oukei OKX's decentralized ecosystem is becoming a leader in the Web3 industry. This cautious but enterprising business attitude is consistent with our global top brand partners, such as Manchester City Football Club, McLaren F1 team, and Tribeca Film Festival, and we operate and expand in a step-by-step and correct manner."

About Dubai Virtual Asset Regulatory Authority (VARA)

The Dubai Virtual Asset Regulatory Authority (VARA) was established in March 2022 as the world's first specialized institution for regulating the virtual asset industry. Its mission is to manage and supervise activities related to virtual assets in Dubai (including special development zones and free zones, but excluding the Dubai International Financial Center). VARA supports the vision of a borderless economy and plays a core role in creating advanced legal frameworks to protect investors and establish international standards for regulating the virtual asset industry.

This article is for reference only and should not be construed as an invitation, offer, solicitation, recommendation or investment advice for any product transaction. Investment should be made with caution as digital asset prices have certain market risks and price volatility. Investing in digital assets carries risks and may even result in the loss of your entire investment amount. Therefore, digital asset trading may not be suitable for all investors. You need to understand the operation mode of the product and make your own judgment and decision.