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OKX, a global on-chain tech company, just rolled out a licensed crypto exchange for both everyday users and institutional investors in the United Arab Emirates.

This comes right after the Virtual Assets Regulatory Authority (VARA) started cracking down on unlicensed firms to keep Dubai's virtual asset market safe.

VARA's message is loud and clear: no license, no fun. And if you don’t agree, you could be next in line for a cease-and-desist order. The regulator is out here ensuring we dont turn the virtual assets market in Dubai into the Wild West by squeezing out unlicensed renegades. 

The crackdown led to cease-and-desist orders and fines for seven companies operating without the necessary licenses and breaking marketing rules. By targeting unlicensed businesses, the authority aims to create a safe playground for digital assets that meets global standards.

VARA's like karma: mess with crypto, and it'll come back to bite you—just like this guy trying to burst Bitcoin, but BTC bursts him instead!

A New Alternative for Dubai Gala Event

OKX made its grand entrance into the United Arab Emirates (UAE) with a splashy event entitled "A New Alternative for Dubai" which was held at the Museum of the Future. 

The event was star-studded, featuring Manchester City’s manager Pep Guardiola, SkyBridge Capital’s Anthony Scaramucci, Polygon co-founder Sandeep Nailwal, Stacks co-creator Muneeb Ali, Dr. Marwan Al Zarouni, CEO of the Dubai Blockchain Center, and obviously OKX CEO Star Xu.

Signing up on OKX in Dubai

Once you jump through all the hoops of the OKX onboarding process, you'll unlock a universe of express buying and selling crypto, spot trading,  easy conversions, and everyone's favorite — on-chain earning products.

Now, if you're a fancy institutional or  qualified investor (someone who sleeps on a mattress stuffed with at least AED 500,000), derivatives trading is your exclusive club. But wait — before you pop the champagne, you’ll need to ace a knowledge test, pass a suitability assessment, and prove you’re not just liquid, but *very* liquid with that fat AED 500K tucked under your mattress.

Institutional investors, you’re not off the hook either — expect extra KYC hurdles and financial benchmarks because, ypu cannot be rich and not fill out a barrage of paperwork!

OKX offers a large and diverse selection of cryptocurrencies and trading pairs for users in UAE and across the globe. The exchange also claims it is the only that offers over 280 cryptocurrencies and 480 trading pairs in the UAE, including BTC/AED, ETH/AED, and USDT/AED. Investors can easily deposit and withdraw AED directly from their local bank accounts on the OKX platform, making transactions super convenient for UAE users.

The gala event highlighted the game-changing potential of blockchain technology across different industries. Dubai was picked as the host city thanks to its leadership in tech innovation and its alignment with the 2033 vision. The event sparked discussions about how blockchain could transform various business sectors and pave the way for a more efficient, transparent, and connected future.

Final Take

However, some have noted that Dubai’s crackdown is unusual for a region positioning itself as a global crypto hub. Recently, Dubai granted full regulatory approval to major exchanges like OKX, Binance, and Crypto.com. Earlier this month, the UAE even exempted crypto transactions from value-added tax (VAT). Back in August, a court ruling seemed to give some soft legitimacy to the use of crypto for compensating a worker by a company, further signaling the region’s openness to crypto.

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