OKX Expands in Dubai with Regulatory License
OKX, one of the world’s largest exchanges, has obtained a regulatory license in Dubai, signaling its strategic expansion in the United Arab Emirates (UAE). This move aligns with the UAE’s goal to become a global crypto industry. The establishment of Dubai’s Virtual Assets Regulatory Authority (Vara) in March 2022 further supports this vision.
Significance of Dubai Expansion for OKX
Rifad Mahasneh, OKX’s General Manager for the MENA region, emphasized the importance of this expansion. He stated that it is a game changer as it allows OKX to target both retail and institutional clients in the UAE, enabling them to deposit and withdraw funds in their local currency. Additionally, OKX is collaborating with Vara to meet certain conditions for an upcoming launch.
Trend of Indian Crypto Firms Relocating to Dubai
This development is not only significant for OKX but also reflects a broader trend of Indian crypto firms moving to Dubai. The relaxed regulatory environment and lower taxation in Dubai attract these companies compared to India’s strict crypto regulations. Sumit Gupta, CEO of CoinDCX, highlighted that many Web3 founders prefer Dubai or Singapore as their hub due to clearer regulations and greater community support.
Binance Launches Thailand-Approved Exchange
Binance, another major player in the crypto industry, is entering Southeast Asia with the launch of a digital asset exchange in Thailand. Currently invite-only, Binance.th will be open to the public in early 2024. The exchange has partnered with Gulf Energy Development and received approval from Thailand’s Securities and Exchange Commission, expanding Binance’s global presence.
Challenges in Binance’s Expansion into Thailand
However, Binance faces challenges in its expansion into Thailand. The country has been plagued by crypto scams, prompting Binance to collaborate with Thai law enforcement to combat these criminal activities. The exchange played a crucial role in operations targeting scams, leading to the seizure of assets worth over $277 million.
Hot Take: Asian Crypto Sector Experiences a Pivotal Moment
As OKX prepares to launch its services in the UAE and Binance focuses on Thailand, these moves represent a significant moment for the Asian crypto sector. With OKX expanding its reach and Indian crypto firms finding refuge in Dubai’s favorable environment, and Binance entering Southeast Asia despite challenges, the region is becoming an increasingly important hub for the cryptocurrency industry.
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