Dubai, Oct. 17, 2024 — The UAE is solidifying its position as a dynamic center for cryptocurrency and blockchain technology, thanks to progressive regulations and a strong commitment to innovation. On Thursday, OKX, a global on-chain technology company, announced that it is now operationally live and licensed in the UAE, becoming the first global crypto firm to offer banking services in UAE dirhams for both retail and institutional customers.
With this development, investors in the UAE can deposit and withdraw UAE dirhams directly to and from the OKX platform through local bank accounts. OKX boasts an extensive selection of cryptocurrencies and trading pairs, featuring over 280 cryptocurrencies and 480 trading pairs, including popular options like Bitcoin and Ethereum against the UAE dirham.
A recent report from OKX titled “Digital Assets as the New Alternative for Institutional Investors” underscores the growing significance of digital assets in institutional portfolios. The report reveals that 69% of institutional investors plan to increase their allocations to crypto and digital assets within the next two to three years. By 2027, these assets are expected to constitute 7.2% of institutional portfolios, indicating a substantial shift in investment perspectives.
Rifad Mahasneh, General Manager of OKX MENA, emphasized the platform’s focus on the UAE market. “By providing direct dirham support for cryptocurrencies, we are lowering the barriers to crypto adoption in the UAE. Our platform features Arabic language integration and localized customer support, making it user-friendly for local traders,” he said.
OKX’s operations are backed by a full Virtual Asset Service Provider (VASP) license from the Dubai Virtual Asset Regulatory Authority (VARA), which is recognized for establishing robust regulations in the digital assets space. This license enables OKX to offer both spot services and derivatives trading, fostering a trustworthy environment for users and institutions alike.
The UAE’s proactive stance in the blockchain sector is highlighted by over 2,000 registered crypto and blockchain businesses and more than 10,000 people employed in the industry, as reported by Crypto Oasis. Mahasneh noted, “VARA has set a global benchmark for balancing innovation with investor protection, making the UAE an attractive destination for crypto enterprises and investors.”
