Dubai has granted OKX a provisional virtual asset license, and the company intends to establish a regional center there in an effort to draw bitcoin businesses from all over the world. The license would enable OKX, one of the biggest cryptocurrency exchanges in the world by trading volume, to give investors in the United Arab Emirates access to select goods and services.
“OKX is committed to building out both its team and necessary infrastructure in the UAE,” General Manager Lennix Lai said in a statement, adding that the market had a growing local crypto ecosystem and “a balanced regulatory framework.”
The UAE is amongst the largest crypto markets in the region, along with Turkey and Lebanon, according to data compiled by Chainalysis. The Gulf nation is seeking to attract some of the world’s biggest crypto and fintech companies — and firms including Binance and FTX have been granted licenses in Dubai.
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