OKX, a leading global cryptocurrency exchange, has gone live in the UAE, unveiling a new platform tailored for both institutional and retail investors in the country, as the region experiences a bullish trend in the crypto market.
The launch has taken place nine months after OKX Middle East Fintech FZE was granted full regulatory approval by the Virtual Assets Regulatory Authority (VARA), including permissions to offer local residents access to a market without involving a broker who buys liquidity from outside the UAE.
The exchange is optimistic that stablecoins, a type of cryptocurrency pegged to a fiat currency, will bridge critical financial service gaps in emerging markets like the UAE. Unlike Bitcoin, stablecoins are less volatile, offering a more stable financial solution, according to OKX President Hong Fang.
The UAE Central Bank’s recent regulations specify that businesses in the UAE can only accept cryptocurrencies backed by dirham-pegged stablecoins for transactions.
Based in Seychelles, OKX is one of the four biggest cryptocurrency exchanges by volume. The exchange offers more than 280 cryptocurrencies and 480 trading pairs, including BTC/AED, ETH/AED, and USDT/AED.
