OKX receives preparatory license from Dubais VARA after Canada exit [Video]

The Middle East subsidiary of OKX has confirmed the receipt of a Minimal Viable Product (MVP) preparatory license as the next step toward setting up operations in the United Arab Emirates (UAE).

In a post on its website, the digital currency exchange said it received the license from the Dubai Virtual Assets Regulatory Authority (VARA), which lays the foundation for OKX to obtain a full-scale license in the coming months to offer residents a suite of digital currency services.

OKX says the receipt of an operational license will see it offer spot, derivatives, and fiat services to retail and institutional investors.

Obtaining the preparatory license was not a walk in the park for OKX, as the exchange had to tick all of VARA’s strict regulatory requirements. OKX also published its proof of reserves for seven consecutive months, signaling an intent to “do things in a measured and transparent manner.”

“Licensing in Dubai is a critical element …