OKX has obtained the MVP provisional license issued by the Dubai Virtual Assets Regulatory Authority

Author: OKX

On June 15, 2023, OKX, the world's second-largest digital asset trading platform and Web3 technology company, announced that it has obtained a Minimal Viable Product (MVP) preparatory license issued by the Dubai Virtual Assets Regulatory Authority (VARA). Previously, OKX had received a temporary virtual asset license from VARA.

The MVP preparatory license allows approved license holders to meet all prerequisites necessary to conduct MVP operations within VARA's regulatory framework. Once operational approval is obtained, OKX will be able to engage in virtual asset activities approved by VARA, providing a range of virtual asset-related services to qualified retail and institutional clients.

OKX plans to expand its business in the Middle East as a key strategic growth and business center globally. OKX has recently opened a new office at the Dubai World Trade Center and intends to expand the local team to 30 people, focusing on hiring local employees and senior management. Additionally, OKX plans to expand more brand partnerships in the UAE and conduct exciting activities centered around user needs.

Lennix Lai, Global Chief Business Officer of OKX, stated, "We are pleased to receive the MVP preparatory license from VARA. Compliance is the future development theme for virtual asset trading platforms. Dubai and VARA have successfully created a conducive environment that allows virtual asset service providers ample room for development. With the establishment of OKX's new office in Dubai this year, we will focus on hiring local staff to better serve local users. The Middle East and North Africa region is one of the most promising Web3 and virtual asset markets globally, showing tremendous vitality, and we look forward to providing better services here."

Tim Byun, Global Head of Government Relations at OKX, remarked, "Dubai and VARA are becoming global leaders in crypto regulation by establishing the most timely, comprehensive, and standardized regulatory framework for the virtual asset and Web3 industry. Obtaining the MVP preparatory license is a significant achievement in OKX's global compliance process. In today's uncertain market environment, the safety, transparency, and compliance of virtual asset service providers are crucial. Under VARA's comprehensive framework, all virtual service providers must elevate their standards in compliance, risk management, security, and consumer protection to the high standards of traditional financial service providers, which provides confidence to users and fosters growth in the virtual asset and Web3 industry in the Middle East and North Africa."

Haider Rafique, Chief Marketing Officer of OKX, stated, "We have always looked forward to entering the UAE market, hoping that locals can personally experience OKX's product services. Compared to other virtual asset trading platforms, OKX has maintained prudence and high transparency, having published proof of reserves for seven consecutive months, making it the only virtual asset trading platform globally to regularly disclose proof of reserves on a monthly basis. At the same time, OKX's decentralized ecosystem is becoming a leader in the Web3 industry. This cautious yet proactive business attitude aligns with our global top brand partners (such as Manchester City Football Club, McLaren F1 Team, and the Tribeca Film Festival), operating and expanding in a step-by-step and correct manner."

About the Dubai Virtual Assets Regulatory Authority (VARA)

The Dubai Virtual Assets Regulatory Authority (VARA) was established in March 2022 and is the world's first dedicated authority to regulate the virtual asset industry. It is responsible for managing and supervising activities related to the virtual asset sector in Dubai (including special development zones and free zones, but excluding the Dubai International Financial Centre). VARA supports the vision of a borderless economy and plays a core role in creating an advanced legal framework to protect investors and establish international standards for regulating the virtual asset industry.

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