The Dubai Virtual Assets Regulatory Authority has approved OKX’s license, so the company may now provide spot services and spot pairings to citizens of the United Arab Emirates.
The firm is now able to provide spot services and spot pairings to eligible retail and institutional clients, as stated on January 16, 2024. If OKX is to be believed, these services will be available via the main exchange and the app once it launches in the coming weeks.
Additionally, the company’s leadership has stated their intention to aggressively pursue the UAE market. “This enables us to provide services to UAE residents, whom we are targeting, including spot trading and fiat-related services. This means that customers can deposit and withdraw the local currency, the United Arab Emirates dirham (AED),” said Rifad Mahasneh, OKX General Manager for the MENA Region.
The UAE nationals will be able to trade in a variety of pairings, including AED/BTC and AED/ETH. Given the UAE’s history of crypto acceptance, it’s no surprise that OKX is aiming for that market.
The nation was one of the first in the world to implement a blockchain strategy when it debuted in 2016. In 2018, a regulatory framework for cryptocurrencies was put in place, once again ahead of schedule compared to the rest of the globe.
The United Arab Emirates (UAE) has always been a center for technological innovation and entrepreneurship, and its people have always been receptive to fresh ideas. The United Arab Emirates has the greatest level of public acceptance of cryptocurrencies at the moment, which indicates that digital assets are well recognized across the country.
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