The visionary Museum of the Future in Dubai set the stage for OKX's landmark announcement: the official launch of its VARA-licensed crypto exchange in the UAE on October 10, 2024. This milestone isn't just another global expansion—it signifies a transformative shift toward crypto as a new alternative to traditional finance in Dubai.
Dubai’s Rise as a Premier Crypto Hub
The event underscored Dubai’s growing reputation as a global crypto hub. Dr. Marwan Al Zarouni, CEO of the Dubai Blockchain Center, highlighted how the Dubai Economic Agenda 2023 fuels the city’s crypto ambitions by attracting top talent. Anthony Scaramucci of SkyBridge Capital praised Dubai’s sophisticated regulatory framework, while Jeff Ren, CEO of OKLink, emphasized the stability brought by formal regulation.
👉 Discover how OKX is shaping Dubai’s crypto future
OKX’s MENA General Manager, Rifad Mahasneh, noted Dubai’s robust retail and institutional trading ecosystem, bolstered by its status as a regional financial center.
"In the next 15 years, [Dubai] will be one of the big crypto and financial centres. Everybody in crypto will eventually have an office here."
— Anthony Scaramucci
OKX: The Vehicle for Crypto Adoption
OKX’s influence in Dubai was a central theme. The exchange now offers AED banking rails—a first for global crypto firms in the UAE. CEO Star Xu teased collaborations with tier-one banks to bridge crypto and TradFi, while CMO Haider Rafique showcased OKX’s evolution into a super app serving 60+ million users.
"We’ll continue to invest in Dubai by growing our team of talent."
— Star Xu
Onchain Disruption and TradFi Convergence
A panel featuring OKX President Hong Fang and Franklin Templeton’s Andrew Crawford explored onchain innovation. Key takeaways:
- Spot Bitcoin ETFs and stablecoins are accelerating TradFi’s move onchain.
- Compliance infrastructure (e.g., Proof of Reserves) is easing banks’ crypto adoption.
Polygon Labs’ Sandeep Nailwal and Stacks’ Muneeb Ali discussed scalability solutions, particularly for Bitcoin’s Layer-2 networks.
Regulation: The Backbone of Crypto’s Future
OKX’s Chief Legal Officer, Mauricio Beugelmans, lauded VARA’s early regulatory vision. Star Xu emphasized OKX’s 100% compliance with local laws, including localized Proof of Reserves for transparency.
Partnerships and Leadership
A fireside chat with Pep Guardiola (Manchester City Manager) and a message from McLaren Racing CEO Zak Brown highlighted OKX’s sports sponsorships, drawing parallels between crypto’s dynamism and elite sports.
"Move forward, one step at a time—sometimes from your gut."
— Pep Guardiola
Looking Ahead
OKX’s Dubai launch isn’t just about licensing—it’s about empowering users with innovative tools like:
- Spot trading
- Onchain Earn
- AED integration
👉 Explore OKX’s Dubai services
FAQ
Q: Why did OKX choose Dubai?
A: Dubai’s progressive regulations and thriving crypto ecosystem align with OKX’s mission to bridge TradFi and crypto.
Q: What makes OKX’s Proof of Reserves unique?
A: It provides real-time, 1:1 transparency for user funds, exceeding traditional banking standards.
Q: How does OKX support institutional clients?
A: Through tri-party models with global banks and asset managers for secure crypto exposure.
Disclaimer
This content is informational only. OKX Middle East Fintech FZE is licensed by VARA (Ref: VL/23/12/003). Crypto investments carry risk—invest wisely.
© 2025 OKX. Reproduction must include attribution.
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