OKX announced on June 15 that its Middle Eastern arm has been granted a minimal viable product preparatory license by Dubai's Virtual Assets Regulatory Authority (VARA), as part of its expansion plans in the region.
With the approval of the regulator's licensing, OKX revealed its intention to increase its staff to 30 individuals in Dubai and has already established an office in the World Trade Center building.
"Licensing in Dubai is a crucial aspect of OKX's global regulatory compliance strategy," stated Tim Byun, OKX's Global Head of Government Relations. He emphasized the importance of virtual asset service providers (VASPs) being highly secure, transparent, compliant, and operating under robust and clear regulations, especially in the current uncertain market environment.
According to OKX, the preparatory license allows the exchange to fulfill certain requirements before becoming fully operational. The firm outlined its plans to offer spot, derivatives, and fiat services, along with deposits, withdrawals, and spot pairs involving the U.S. dollar and the United Arab Emirates dirham.