The Virtual Asset Regulatory Authority of Dubai (VARA) has issued a provisional minimum viable product (MVP) licence to OKX subsidiary Middle East Fintech.
OKX has taken the initiative to open a new office in Dubai's World Trade Centre, expecting to welcome 30 new employees, with a preference for locals and senior management staff.
Tim Byun, head of government relations at OKX Global, says that Dubai is becoming an increasingly popular place to register cryptocurrencies due to favourable regulation and the city's ambition to become a major cryptohub.
After receiving the OKX Middle East Fintech licence, it will allow the company to provide spot, derivatives and fiat services to individuals residing in the United Arab Emirates. This includes accepting deposits and withdrawals in US dollars or UAE dirhams.
OKX previously introduced its version of the BRC-20 standard to facilitate the issuance of interchangeable tokens on the Bitcoin network. The BRC-30 standard provides stacking for BRC-20 tokens.
