Fun

Dubai Regulator Grants Crypto Trading App OKX License to Extend Services in the UAE

News Feed - 2022-07-19 04:07:28

Dubai Regulator Grants Crypto Trading App OKX License to Extend Services in the UAE


The Seychelles-based crypto trading app, OKX, recently became the latest virtual assets service provider to be granted a provisional licence to provide its services in the United Arab Emirates (UAE). The provisional licence allows OKX to extend certain exchange products and services to pre-qualified investors and financial service providers. OKX Allowed to Extend Certain Exchange Products


The Dubai digital asset regulator, the Virtual Assets Regulatory Authority (VARA), recently granted the Seychelles-based crypto trading platform OKX a “provisional virtual assets license to provide services to qualified investors in the UAE.”


According to a statement released by OKX, this license “allows it to extend certain exchange products and services to pre-qualified investors and financial service providers.” Remarking on the VARA’s decision to grant the provisional license, OKX general manager for Dubai, Lennix Lai said: The MENA region is one of the fastest-growing markets for our industry, and we are very excited to be at the heart of this thriving ecosystem. OKX looks forward to contributing meaningfully to the free exchange of ideas that is going to be so important to the development of this space while innovating for the future in a regulated framework.


In the statement, OKX said it is committed to helping build the necessary infrastructure as well as its team in the United Arab Emirates (UAE). OKX added that it will also participate in the VARA regulatory ecosystem “by facilitating research and knowledge sharing with the goal of making Dubai a leading hub for the global virtual assets industry.” Dubai a Top Hub for Crypto Industry


Since its establishment earlier this year, VARA has granted provisional approvals or licenses to cryptocurrency exchange platforms that range from Binance to the Bahrain-based Coinmena. According to Tim Byun, the Global Government Relations Officer at the OK Group, by granting OKX the provisional license VARA has once again proved that it is “one of the top global hubs for the industry.”


The provisional license is also a reflection of the UAE’s leadership in nurturing the future global economy, Byun added. Tags in this story Crypto regulation, Dubai regulator, Lennix Lai, Okx, Tim Byun, virtual asset service provider, virtual assets, Virtual Assets Regulatory Authority (VARA)


What are your thoughts on this story? Let us know what you think in the comments section below. Terence Zimwara


Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route. Coinbase Obtains Regulatory Approval to Provide Crypto Services in Italy REGULATION | 5 hours ago US Senator Says Too Many Crypto Firms Are Able to Scam Customers — Urges SEC to Regulate REGULATION | 7 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleLeading Auction House Christie’s Launches Web3 and Fintech Venture Arm Show comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"


The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto

News Feed

Helen Partz12 hours agoCrypto exchange claiming $1.4B trading volume uses reportedly fake license dataA crypto exchange claiming $1.7 billion in daily trades on its website and $1.4 billion in daily trading volume on Coi
US Treasury Unveils Stifling Crypto Wallet Regulation — Experts Break Down the Rules
US Treasury Unveils Stifling Crypto Wallet Regulation — Experts Break Down the Rules The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Tr
Prisma Finance says $540K still at risk, hacker demands team reveal themselves
Brayden Lindrea7 hours agoPrisma Finance says $540K still at risk, hacker demands team reveal themselvesThe decentralized borrowing protocol said there were still 14 accounts that have yet to revoke the affected smart co
Kraken CEO Discusses Impact of FTX Failure — Says Damage to Crypto Industry Is Huge, Will Take Years to Undo
Kraken CEO Discusses Impact of FTX Failure — Says Damage to Crypto Industry Is Huge, Will Take Years to Undo The CEO of cryptocurrency exchange Kraken has outlined the impact of
Jesse Coghlan3 hours agoGary Gensler’s Bitcoin ETF position is ‘inconsistent’… says Gary GenslerDuring a panel at the 2019 MIT Bitcoin Expo, Gensler called out the securities regulator for its “inconsistent”
While the Crypto Market Was Hemorrhaging Value, These Tokens Mooned
While the Crypto Market Was Hemorrhaging Value, These Tokens Mooned Why do certain altcoins moon? It’s a question that all crypto holders have pondered at some stage while
Ethereum’s Dominance on the Rise: Market Share Increases by 3% Among Global Crypto Assets
Ethereum"s Dominance on the Rise: Market Share Increases by 3% Among Global Crypto Assets Since Dec. 31, 2022, ethereum’s market dominance has increased by more than 3% amon
Ray Salmond6 hours agoHow will Bitcoin halving affect BTC price, and is DeFi dead?Blockware Solutions account executive David Gamble told Market Talks host Ray Salmond that the crypto market will hit a $10 trillion marke
Metaverse pioneer and movie VFX team unite for blockchain project
Ezra Reguerra8 hours agoMetaverse pioneer and movie VFX team unite for blockchain projectWētā Workshop is known for its special effects work on movies like The Lord of the Rings and The Hobbit. 600 Total views1 Total
NFT-Collateralizing South African Startup Raises $5 Million in Latest Seed Round
NFT-Collateralizing South African Startup Raises $5 Million in Latest Seed Round A South African startup, NFTfi, is reported to have recently raised $5 million which the company in
Bitcoin koers worstelt momentum te herpakken terwijl Bitcoin SV 14% pumpt – nu BTC kopen?
De crypto markt lijkt er vandaag nog steeds niet in geslaagd te zijn om een aanzienlijk herstel door te zetten. Ook de Bitcoin koers heeft het nog altijd moeilijk. Wanneer zet Bitcoin zijn weg omhoog weer in en is nu Bit
OVR Land Map: The Biggest Detailed 3D Map of the Real World With NFTs
OVR Land Map: The Biggest Detailed 3D Map of the Real World With NFTs sponsored OVR AR Metaverse goes to a whole other level.Italian company OVRis announcing today the creation of t