Skip to main content

OKX Seeking Regulatory Approval to Operate in Dubai Plans to Expand Middle East Operations

OKX, one of the world's largest cryptocurrency exchanges, is seeking regulatory approval to operate in Dubai as it plans to expand the company's Middle East operations, an executive told Reuters on Thursday.

Regulation is an industry trend, OKX Global Head of Government Relations Tim Byun said.

"We would like to get ahead of that curve and be regulated in a sound manner," he said.

Earlier this month, the US Securities and Exchange Commission (SEC) sued Binance and Coinbase, another two of the largest crypto exchanges, for allegedly breaching its rules.

Byun said he believed the SEC's move would push more applicants towards innovative regulators like Dubai's Virtual Asset Regulatory Authority (VARA).

OKX plans to hire 30 staff, Byun said, after opening an office last month in the Dubai World Trade Center in the business and financial hub of the United Arab Emirates.

OKX Middle East said on Thursday it had received a preparatory licence from Dubai's regulator, a first step towards securing an operating licence that would allow it to serve institutional clients and investors.

"If we expand Dubai to offer services in Saudi Arabia or Bahrain, to jurisdictions where there is no domestic framework required, then those domestic populations are actually getting a windfall benefit because we are regulated by an international regulator," Byun said.

OKX is regulated in the Bahamas and currently does not allow customers from the United States to use its platform due to regulatory issues.

VARA was formed in March 2022 to regulate the emerging virtual asset sector in the emirate - excluding the Dubai International Financial Centre financial free zone — as the UAE pushes to become a global hub for the industry.

No firm has yet been licensed under VARA's full market product (FMP) stage — which would permit the serving of retail clients, regulator information shows. OKX plans to apply for such a licence, Byun said.

"If territories are willing to come up with a balanced clear transparent approach, OKX would like to be regulated and licensed and operate in that jurisdiction," Byun said.

© Thomson Reuters 2023

Will crypto tax hurt the industry in India? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.


from Gadgets 360 https://ift.tt/tbUwneh
Labels:

Comments

Post a Comment

Popular posts from this blog

Itel P55 With Dual Rear Cameras, 5,000mAh Battery Launched in India: Price, Specifications

Itel P55 5G was launched in India on Tuesday and it claims to be the cheapest 5G smartphone in the country. The phone is powered by an octa-core Dimensity chipset and supports wired fast charging. It carries an AI-powered dual rear camera unit and is offered in a single storage variant along with two colour options. Itel India also introduced the Itel S23+ alongside, and is a budget smartphone with a curved AMOLED display. The company is extending a two-year warranty on the handsets and is also offering free screen replacement within 100 days of purchase. Itel P55 5G price in India, availability Offered in Blue and Green colour options, the singular 8GB + 128GB variant of the Itel P55 5G is priced at Rs. 9,999. The phone will be available for purchase via Amazon India starting October 4. Itel P55 5G specifications, features Sporting a 6.6-inch HD+ (1600 x 700 pixels) display, the dual nano SIM-supported Itel P55 comes with a refresh rate of 90Hz. The phone is powered by an octa-co...
Post a Comment
Read more

The 53 Most Anticipated Movies of 2023

What are the biggest movies of 2023? From Hollywood, we are expecting nine DC and Marvel superhero movies. (After a long time, DC has more titles on the calendar than Marvel Studios). A new Ant-Man, Aquaman, Flash, Shazam, Captain Marvel, Spider-Verse, and Guardians of the Galaxy film is on the docket for 2023 — Jason Momoa, Brie Larson, Chris Pratt, and Paul Rudd jump into spandex again — along with the first Kraven and Blue Beetle movies. Speaking of firsts, Mario, Gran Turismo, and Dungeons & Dragons are looking to launch new franchises in 2023, with the help of Pratt, Chris Pine, and David Harbour. We even have a live-action Barbie movie, with Margot Robbie, on the way. Beyond that, we have a second Dune entry with Timothée Chalamet and Zendaya, a third entry in the Rocky spin-off Creed with Michael B. Jordan, the fourth John Wick film with Keanu Reeves, a fifth Indiana Jones movie with Harrison Ford, a seventh Transformers and Tom Cruise-led Mission: Impossible, and the tenth...
Post a Comment
Read more