Crypto exchange OKX secures license to offer trading services in UAE

Cryptocurrency exchange OKX on Thursday has been granted a provisional virtual assets license from the Dubai Virtual Assets Regulatory Authority ("VARA"), the company said.The license enables OKX to offer certain trading services to pre-qualified investors and financial service providers in the United Arab Emirates.OKX is also planning to establish a regional hub in Dubai to help spread the use of cryptos while complying with regulations. “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," said Tim Byun, global government relations officer, OK Group. Indeed, Dubai has become a popular hub for crypto-focused firms over the past year. Sam Bankman-Fried's FTX, which has been scooping up distressed crypto firms in the wake of a market downturn, was the first crypto exchange to receive a digital asset license in the city.Towards the end of June, OKX looked to boost headcount by 30% despite market rout.