Sun Oct 13 10:02:21 UTC 2024: ## OKX Becomes First Cryptocurrency Exchange to Obtain Comprehensive Operating License in UAE
**Dubai, UAE – October 10, 2024** – OKX, a leading cryptocurrency exchange platform, has made history by becoming the first exchange to obtain a comprehensive operating license in the United Arab Emirates (UAE). This milestone was announced at the “Dubai’s New Choice: The Future of OKX and Blockchain Innovation” event held at the Museum of the Future in Dubai.
The license, granted by Dubai regulatory authorities, marks a significant achievement for OKX and the global crypto industry. It signifies the company’s commitment to compliance and sets a new benchmark for the industry’s compliant development.
During the event, OKX CEO Star delivered a keynote speech emphasizing the importance of compliance in promoting the crypto industry’s growth. He highlighted OKX’s dedication to becoming a global compliance standard and providing safe and convenient crypto services to users in Dubai and worldwide.
“This is not just a publicity stunt, but an important responsibility we uphold to maintain high standards in the crypto industry,” stated Star, emphasizing the company’s commitment to satisfying both users and regulatory bodies.
OKX, founded in 2012, has established a robust compliance program aligned with global standards. The company operates in various global markets, including Europe, the United States, Japan, and Singapore, and plans to continue investing in Dubai, expanding its talent team, and contributing to the local crypto community.
In addition to highlighting OKX’s compliance achievements, Star presented the company’s diverse product portfolio, tailored to the Dubai market, including AED quick purchase options, AED and USDC/USDT order books, and derivative services for institutions and qualified investors.
The CEO also outlined OKX’s future plans, including the launch of innovative products for both institutional and retail users. These include:
* **Institutional Services:** Collaboration with global banks and asset management companies for USD deposits, USDC acquisition, T-Bill base APY, and entity-level Proof of Reserves (POR).
* **Retail Services:** Introduction of a self-custody wallet with compliance controls, multi-signature wallet creation, and the “Smart Account” platform for Web3 payments and cards.
Star concluded by emphasizing the industry’s evolution and the potential for crypto finance to become mainstream. He highlighted the key factors driving this transition, including the rise of stablecoins, improved wallet security, and the development of robust compliance frameworks.
“We believe that in the coming years, the crypto finance industry will enter a new stage, where compliance and licensing will allow industry companies to provide seamless fiat in-and-out services,” said Star. “At that time, Web3 wallets and stablecoins will become increasingly popular.”
With its comprehensive operating license in the UAE, OKX is poised to play a crucial role in driving the adoption of cryptocurrencies and fostering a compliant and secure environment for users and institutions alike.
First Piper 