OKX, one of the crypto exchanges got a provisional virtual assets license given by the Dubai Virtual Asset Regulatory Authority (VARA). This provision will permit the crypto exchange, OKX to propose additional services to sanctioned investors and financial services providers in Dubai, United Arab Emirates (UAE).
Interestingly, the UAE government founded VARA, Virtual Assets Regulatory Authority for the following reasons:
- To provide a legal structure for crypto in Dubai.
- To aim at securing investors.
- To create international standards for governance within the industry.
It is good to note, that the largest airline in the UAE revealed plans to launch NFTs and implement payments in BTC that same May.
As stated by the OKX team, the license will permit them to extend products and services across the region. More also, it will also aid research and knowledge dissemination within the Virtual Assets Regulatory Authority ecosystem.
Tim Byun, the government relations officer at OK Group, the capacity structure given by Dubai’s VARA shows UAE’s leadership in maintaining the future’s global economy.
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“Dubai is a pioneer when it comes to regulation of the virtual assets sector, and it is swiftly becoming one of the top global hubs for the industry”, Tim added
He added that the VARA license permits businesses to be compliant with set down rules like anti-money laundering, counter-terrorist financing, and knowing your customer.
The executive at OKX, Lennis Lai, stated that their team is trying to contribute to the local ecosystem and participate in an exchange of ideas that will be important for the crypto space.