The second-largest crypto exchange by volume, okx, has won a preparatory license in Dubai, where the firm plans to add staff at its new office. IanAllison123 reports
The Middle Eastern arm of OKX, the second-largest cryptocurrency exchange by trading volume, has received an MVP Preparatory license from the Dubai Virtual Assets Regulatory Authority , allowing it to get ready for when the license becomes operational.
OKX Middle East has already taken up residence in a new office in Dubai World Trade Center, and says it plans to expand the number of staff to 30, with a focus on local hires and senior management. Once the Minimal Viable Product license becomes fully operational, OKX Middle East will provide spot, derivatives and fiat services, including U.S. dollar and United Arab Emirates dirham deposits, withdrawals and spot-pairs, the company said in a press release.
“We think Dubai is very important and serves as our regional hub for UAE and MENA ,” Tim Byun, OKX global head of government relations, said in an interview. “[Dubai] has probably the most comprehensive and timely regulation to date. It has one responsible, dedicated regulator in VARA, and we think that clarity and finality of who to go to when it comes to regulations is a huge plus.”
Crypto exchanges are exploring their options around the globe, particularly following recent lawsuits in the U.S. by the Securities and Exchange Commission . Coinbase, for example, is looking to Bermuda to set up an offshore hub, while Binance praised Dubai as a base in
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