• Crypto exchange OKX receives a provisional license to operate in Dubai
  • The exchange aims to set up a crypto hub at the Dubai World Trade Center
  • Binance had also received in-principal approval from authorities in Dubai

Crypto exchange OKX has been granted a provisional virtual assets license by the Dubai World Trade Centre Authority under the Dubai Virtual Assets Regulators Authority.

According to a blog post published Thursday, the firm may provide "certain services to qualified investors in the United Arab Emirates, the broader Gulf Cooperation Council, Africa and elsewhere."

Furthermore, the crypto exchange is planning to open a regional hub at the Dubai World Trade Center to contribute to the expanding crypto sector in Dubai and around the world.

OKX recognized that the Middle East and North Africa region are ranked “among the crypto industry’s fastest-growing markets” and with the introduction of favorable laws, Dubai is gradually turning into a “hub of crypto companies and entrepreneurs.”

"We are proud to meaningfully contribute to its free exchange of ideas and future regulatory framework. Dubai is also a pioneer in the virtual asset industry, and we are excited to participate in its sound compliance framework and development," the exchange stated in the blog post.

The exchange further said that it will engage in "constructive dialogue to advance regulatory and legislative dialogue" with Dubai authorities.

Recently, Sheikh Mohammed bin Rashid Al Maktoum, the prime minister and ruler of the United Arab Emirates (UAE) confirmed the dawn of a new digital assets law in the nation. The UAE became the first global economy to establish a specialized regulator for the virtual asset sector called the Dubai Virtual Asset Regulatory Authority.

Interestingly, OKX is not the only exchange to receive a nod to operate in Dubai. In April, Binance, the world's biggest crypto exchange, received in-principle approval from Abu Dhabi Global Market and now operates as a broker-dealer in virtual assets in Dubai.

Cryptocurrency platform
Binance founder said how the platform plans to become no.1 cryptocurrency exchange in the world. In this photo illustration of the litecoin, ripple and ethereum cryptocurrency 'altcoins' sit arranged for a photograph beside a smartphone in London, April 25, 2018. Jack Taylor/Getty Images