Ouyi OKX obtained the MVP preparatory license issued by the Dubai Virtual Assets Regulatory Authority
On June 15, 2023, OKX, the world's second largest digital asset trading platform and Web3 technology company, announced that it has obtained the MVP (Minimal Viable Product) preparatory license issued by the Dubai Virtual Assets Regulatory Authority (VARA). Previously, Ouyi OKX has obtained a temporary virtual asset license from VARA.
The MVP Preliminary License is all the prerequisites required to allow an approved licensee to operate an MVP within the VARA regulatory regime. Once licensed to operate, OKX will be able to carry out VARA-approved virtual asset activities and provide a series of virtual asset-related services to qualified retail and institutional customers.
OKX plans to expand its business in the Middle East as an important global strategic growth and business center. Ouyi OKX has opened a new office in Dubai World Trade Center, and plans to expand the local team to 30 people, focusing on recruiting local employees and senior managers. In addition, Ouyi OKX also plans to expand more UAE brand partners and carry out exciting activities around user needs.
Lennix Lai, Global Chief Commercial Officer of OKX, said: "We are very pleased to obtain the MVP preparatory license from VARA. Compliance is the future development theme of virtual asset trading platforms. Dubai and VARA have successfully created a suitable environment for virtual assets Service providers have plenty of room for development. With the establishment of OKX Dubai's new office this year, we will focus on recruiting local employees to better serve local users. The Middle East and North Africa region is the world's most potential Web3 and virtual asset market , is showing great vitality, and we look forward to providing better services here."
Tim Byun, Head of Global Government Relations at Ouyi OKX, said: "Dubai and VARA are becoming the global leader in encryption regulation by establishing the most timely, comprehensive and standardized regulatory framework for the virtual assets and Web3 industries. Obtaining the MVP pre-license is a key step for Ouyi OKX An important achievement of the global compliance process.In today's uncertain market environment, the security, transparency and compliance of virtual asset service providers are of paramount importance.Under the comprehensive framework of VARA, all virtual service providers must be in compliance, Elevating risk management, security and consumer protection to the high standards of traditional financial service providers provides confidence to users and enables growth in the virtual asset and Web3 industries in the MENA region."
Haider Rafique, chief marketing officer of Ouyi OKX, said: "We have been looking forward to entering the UAE market, hoping that the local people can experience the products and services of Ouyi OKX. Compared with other virtual asset trading platforms, Ouyi OKX has always maintained prudence and high transparency. It has released the reserve certificate of the platform for the seventh consecutive month, and is the only virtual asset trading platform in the world that regularly publishes the reserve certificate on a monthly basis. At the same time, OKX's decentralized ecosystem is becoming a leader in the Web3 industry. This This cautious but aggressive business attitude is consistent with our global top brand partners (Manchester City Football Club, McLaren F1 Team, and Tribeca Film Festival, etc.), step by step and operate in the right way.”
About Dubai Virtual Assets Regulatory Authority (VARA)
Established in March 2022, the Dubai Virtual Assets Regulatory Authority (VARA) is the first institution in the world specifically established to regulate the virtual asset industry. It aims to manage and supervise Dubai (including special development zones and free zones, but excluding Dubai International International Financial Center) related activities in the field of virtual assets. VARA supports the vision of a borderless economy and plays a central role in creating an advanced legal framework to protect investors and establish international standards for the regulation of the virtual asset industry.
The content of this article is for reference only, and does not constitute or be regarded as an invitation, offer, solicitation or recommendation for any product transaction or investment advice; investment needs to be cautious, the price of digital assets has certain market risks and price volatility, and there are risks in investing in digital assets. It may even cause you to lose all of your investment; therefore, digital asset trading may not be suitable for all investors, and you need to understand the operating mode of the product and make independent judgments and decisions.
