In a press release, the Middle East division of OKX says the company will open an office in Dubai’s World Trade Center and hire a staff of local professionals.
Commenting on the event, OKX Global head of government relations Tim Byun said that Dubai is becoming one of the most popular cities for cryptocurrency incorporation. In his opinion, this is primarily due to a favorable regulatory environment, and the fact that the city authorities are successfully continuing the work to give Dubai the status of a global cryptohub.
OKX Global explained that once the OKX Middle East Fintech license takes legal effect, the company will be able to offer spot, derivatives and fiat services to UAE users, including support for deposits and withdrawals in U.S. dollars or UAE dirhams.
Earlier, cryptocurrency exchange OKX offered its version of the BRC-20 standard for issuing interchangeable tokens on the Bitcoin network. The BRC-30 standard involves the launch of the BRC-20 token stacking.