OKX has received a provisional virtual-asset license in Dubai and intends to establish a regional hub in the city, which has been attempting to attract cryptocurrency firms from around the world.
The licence will allow OKX – one of the world’s largest cryptocurrency exchanges by trading volume – to provide access to some products and services to investors in the UAE.
“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 licences in Dubai.
