Is Dubai the New Rallying Point for Crypto Exchanges?

Many jurisdictions all over the globe now interact with the digital currencies ecosystem in different ways. Dubai is the largest influencer among gulf countries.

Although many state actors might see it as a threat to their security, others are taking advantage of the opportunities it offers.

Dubai stands out as one of these countries with the numerous licenses granted. Cryptocurrency exchanges today. Blockchain.News reports that OKX, the most prominent crypto exchange in the digital currency ecosystem, has been granted the green light to be operational in Dubai. 

According to the cryptocurrency trading platform, Dubai Virtual Assets Regulatory Authority has granted it a provisional Virtual Assets (VA) license. This allows it to offer specific crypto products for qualified investors.

While the move complements the exchange’s efforts to go global, underscoring among many things its compliance capabilities, it speaks much more of the benevolence and the forward-thinking position of VARA. The trading platform, riding on the approval of the license, plans to open a regional office in Dubai as part of its efforts to expand its involvement in the region.

“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,” said Lennix Lai, General Manager, OKX Dubai, “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.”

Joint Promotion of Dubai Digital Assets Landscape

Binance and Huobi also have licenses for Dubai operations. This isn’t just for the benefit of the exchanges. The masses will have unique payment options while the government can generate revenue through taxes.

OKX announced that it will work with VARA to promote Dubai’s crypto ecosystem. The exchange stated that it will contribute meaningfully by facilitating research and knowledge-sharing with the aim of making Dubai a major hub for global virtual asset industry.

Dubai, besides its role as one of the world’s most visited tourist locations, is also aiming to become the financial epicentre of the Middle East, then the world. VARA’s bullish nature can be blamed for the rapid growth of digital assets in this region. However, it is possible that Dubai will soon become the most sought after rallying point in crypto exchanges.

Image source: Shutterstock



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