OKX executive hints at expanding Dubai team after acquiring MVP license

On June 15, the Seychelles-based crypto exchange OKX entered the Middle East after the Dubai Virtual Assets Regulatory Authority (VARA) granted its Minimal Viable Product (MVP) preparatory license.

The exchange has also expanded services to Hong Kong, allowing users to access cryptocurrencies and third-party payment providers such as Apple Pay, Visa, and Mastercard.

Moreover, a recent report shows that the Seychelles-based crypto firm is trying to expand its Dubai team to 30 members — currently 15 — amid a current market uptrend. OKX chief commercial officer (CCO) Lennix Lai says the crypto exchange could be fully operational “within this year,” thanks to the MVP license.

“You need a hub to centralize activities, people and money. So, somewhat like the Hong Kong model or Singapore model for the Dubai region.”

Lennix Lai, CCO at OKX

Lai added that OKX would only offer spot trading for its users in the region and would add support for the United Arab Emirates Dirham (AED). This will help the exchange to be directly connected with the banks within the country.

Furthermore, the CCO emphasized that the good thing about Dubai is its regulatory clarity — it has a separate license for crypto companies and a different license for stocks, bonds, and futures.

He added that other regulators and governments could learn from the UAE’s stance on digital assets and how they’ve managed to separate virtual currencies from securities and commodities. 

A recent report shows that the largest crypto exchange by trading volume, Binance, has also been eying the UAE as its central operational hub amid unclear regulatory efforts in the US.

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