Crypto exchange OKX will be able to officially offer services to investors from Dubai

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OKX cryptocurrency platformjoined the exchanges operating in the United Arab Emirates, having received temporary registration from the Dubai Virtual Assets Regulatory Authority (VARA).

Regulatory approval will allow OKX to offerexchange-traded products to qualified investors and financial service providers. OKX Dubai general manager Lennix Lai described the Middle East and North Africa region as one of the fastest growing markets for the industry.

Lai promised that OKX will "promoteresearch and knowledge sharing to make Dubai a leading hub for the global virtual asset industry." In addition, the cryptocurrency platform announced that it will increase staff and infrastructure in the region.

Recently, many companies have been entering the UAE marketcrypto companies seeking to obtain a license to operate with digital assets from the local crypto industry regulator VARA. The agency has already issued licenses to such companies as Crypto.com, FTX and Binance. Now, according to local legislation, all of them must open head offices in the UAE. Then the temporary permit can be replaced with a permanent one. 

The UAE has a high acceptance ratecryptocurrencies and loyal legislation. A favorable environment attracts crypto companies from countries where regulators are tightening rules for overseeing the industry. 

Dubai's elite Citizens School is the firstin the Middle East said it plans to conduct payments in cryptocurrency, accepting bitcoins and ether as payment for tuition. In March, UAE authorities discussed the role of digital assets in the country's future, including the prospect of paying salaries in cryptocurrency. In addition, law enforcement agencies in the emirate of Dubai will use artificial intelligence and blockchain to track illegal transactions with digital currencies.