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OKX Breaks New Ground: First VARA-Licensed Crypto Exchange in Dubai

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  • OKX is now the first global crypto exchange licensed to serve both retail and institutional clients in the UAE.
  • The platform offers over 280 cryptocurrencies and 480 trading pairs, including AED banking rails.
  • The Dubai launch aligns with the UAE’s growing role as a virtual asset hub.

OKX has officially launched its VARA-licensed crypto exchange in Dubai, making it the first global exchange licensed to serve both retail and institutional clients in the UAE. The exchange boasts an impressive selection of over 280 cryptocurrencies and 480 trading pairs, providing customers with a wide range of options.

The platform also boasts AED banking rails, enabling its users to deposit and withdraw money through local banks with ease and further improving customer experience. OKX celebrated this milestone in a gala event at the Museum of the Future. Top executives like CEO Star Xu and prominent figures such as Manchester City manager Pep Guardiola discussed the future of blockchain and its applications across industries.

The press statement reads:

Our vision is that as the blockchain ecosystem continues to evolve, it will eventually create a new alternative application economy where builders will create a sa’fer, more secure and transparent internet. Industry players like us have a role to play in this evolution, as do leading talent centers like the UAE.

A Hub for Blockchain Innovation

Dubai positioned itself as a leading regulator, attracting both blockchain and crypto companies to its shores. The commitment by the UAE government to foster technological innovation, together with a strategic location, was the main catalyst for OKX’s expansion into the region.

Designed for the UAE market, it has everything from spot trading to express buying and selling, and on-chain product earnings. OKX will go live with three major AED trading pairs: BTC/AED, ETH/AED, and USDT/AED. That further makes Dubai a central hub for this technology in the region, as it invites global talent and crypto investors.

OKX’s Vision for the Future

OKX’s expansion in Dubai underlines its commitment to forging the future of blockchain. Advanced trading tools together with an assurance of compliance with all local and international measures are two elements that can be critical in helping the company create a strong base in the UAE.

OKX now looks forward to its deeper investment in the region with the VARA license, meaning more innovation and services would be brought to such a wide category of investors, including retail and institutional investors. Moreover, platform support for Arabic caters to the diverse and fast-growing crypto community in the UAE.

Related Reading | UN Endorses Ripple and Stellar for Global Payments Network

ETFSwap’s Beta Launch Draws Dubai And Saudi Crypto Whales With Final Presale Stage On Brink Of Sell-Out

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The ETFSwap (ETFS) beta platform launch announcement has quickly attracted the attention of Dubai and Saudi crypto whales, who are now storming into the project’s presale to acquire its token. ETFSwap (ETFS) promises massive benefits to investors, ranging from sweet ROI on its token to innovative features. Data on its platform shows that the presale has sold over 400 million tokens, reflecting the crypto community’s belief in the ETFSwap (ETFS) project. 

Dubai And Saudi Crypto Whales Diversify Into ETFSwap (ETFS) As Presale Sells Out

Shortly after ETFSwap (ETFS) announced that it would roll out its beta platform in a few days, the Ethereum-based decentralized finance (DeFi) platform recorded activity in its market. Several top investors, including Dubai and Saudi crypto whales, jumped into its presale to acquire its token. The ETFSwap (ETFS) project is held in high regard in the crypto world as industry analysts and experts claim it’s currently the most viable project in the market. 

ETFSwap (ETFS) is a cutting-edge trading platform that allows investors to trade cryptocurrencies and exchange-traded funds (ETFs) in a one-stop shop. The innovative crypto project achieves this by tokenizing these assets, granting all kinds of investors easy access. Moreover, ETFSwap (ETFS) works with MiCa-compliant regulated investment banks to deal securely with cryptocurrencies and other types of assets. This way, assets on the platform are backed by real-world assets (RWAs) and are not susceptible to market volatility, making it a perfect investment choice for investors like the Dubai and Saudi crypto whales.

Investors can trade diverse exchange-traded funds (ETFs) on the ETFSwap (ETFS) platform. Therefore, the Dubai and Saudi crypto whales and other investors can try out other ETF classes beyond the traditional options. They can diversify into options such as commodities ETFs, healthcare, real estate, fixed-income ETFs, technology, art, energy, etc. This approach enables investors to gain knowledge beyond the traditional classes and spread risks.  

The trending altcoin ETFSwap (ETFS) allows investors to stake part of their assets and earn sweet yields. This passive reward model encourages investors, as they can earn even without engaging in trading activities. Also, staking provides liquidity to ease the swapping of assets within multiple markets. Consequently, investors on ETFSwap (ETFS) can swap their cryptocurrencies for ETFs and vice versa. 

The ETFSwap (ETFS) platform focuses on investors’ satisfaction. As a result, the DeFi platform incorporates high-level Artificial Intelligence (AI) algorithms to analyze data, trends, sentiments, and patterns to perform predictive analysis. The result of this analysis determines the most bullish ETF options, allowing investors such as the Dubai and Saudi crypto whales to make the perfect investment choice.

Furthermore, the ETFSwap (ETFS) infrastructure has been audited by CyberScope, a giant blockchain auditing company, and no cyber threats or bugs were found. SolidProof has also successfully run a KYC on the ETFSwap (ETFS) team members.

ETFSwap (ETFS) promises holders of its token several mouthwatering benefits, including voting rights, low fees, passive incomes, discounts on trading fees, fast transactions, etc.

Don’t Miss Out On Sweet Gains ETFSwap (ETFS) Promises; Join Presale Before It Sells Out!

The ongoing ETFSwap (ETFS) presale is already in its final stage, meaning investors have a last-minute chance to enter and buy the token. Beyond that, with several top investors like the Dubai and Saudi crypto whales storming into the presale, it is poised to sell out in the coming days. As a result, investors who don’t want to miss out on the potential high returns of the hottest token in crypto right now should swiftly buy the token priced at only $0.03846 per token.

Conclusion 

With ETFSwap’s (ETFS) beta platform launch and listing forthcoming, investors should act now by joining its presale so as not to miss out on potential returns. Like the Dubai and Saudi crypto whales, buying the ETFS token for only $0.03846 is a prudent decision poised to yield over 15,400% investment returns.

For more information about the ETFS presale:

Visit ETFSwap Presale

Join The ETFSwap Community

Dubai Court Breaks New Ground: Crypto Now Legal for Salary Payments

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The Dubai Court of First Instance has officially recognized cryptocurrency in employment contracts for the purpose of salary payments. This ruling, case number 1739 of 2024, marks a significant departure from a 2023 judgment by the same court, where a similar claim involving cryptocurrency was denied.

The case was brought forth by an employee against an employer over unpaid wages, which were to be compensated for six months’ work in the sum of 5,250 EcoWatt tokens. According to the contract, the employee was due to receive a monthly fee in fiat money, which would always be supplemented by compensation in EcoWatt tokens. Because this cryptocurrency part of the salary never materialized, it gave rise to legal disputes.

In its ruling, the court acknowledged cryptocurrency as a valid form of remuneration, drawing on Article 912 of the UAE Civil Transactions Law and Federal Decree No. 33 of 2021. This decision underscores the UAE judiciary’s readiness to adapt to the growing acceptance and integration of digital currencies in various sectors.

2024 Judgment Embraces Cryptocurrency

The 2024 ruling sharply contrasts with a prior judgment made in 2023, when the court refused to enforce a similar cryptocurrency payment. Denial was based on the failure of the employee to provide an exact valuation for these EcoWatt tokens in relation to their fiat currency value, thereby reflecting rather a cautious approach by the court at that particular time.

What was emphasized by the 2023 ruling was the requirement that there first had to be tangible evidence of the value in digital currency if it were ever to be enforced. However, the court’s stance was completely opposite in 2024, as it ruled that the employer should pay the unpaid salary portion in EcoWatt tokens and not convert them into any fiat currency.

It is not only a victory for the claimant but also helps to set a precedent for the wider acceptance of cryptocurrency in employment contracts across the UAE. The judgment gives the perception of an enlightened legal environment that acknowledges the increasing role that digital currencies play in the economy today.

Related Reading | 7 Best Ways to Spend Your Cryptocurrencies in 2024

Shiba Inu’s 48,554% Surge Amid Festive Invites to Dubai

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In a frenzy of activity within the past 24 hours, the Shiba Inu community, affectionately known as the SHIB army, has executed a monumental feat, burning a substantial amount of meme coins to ashes in an irreversible move. According to recent data shared by the Shibburn team, a staggering 87,760,994 SHIB has been transferred to “inferno” wallets, sealing their fate without any chance of recovery.

This surge in SHIB burns has propelled the overall burn rate to an astonishing 48,554.74% increase, marking a significant milestone in the community’s ongoing efforts to reduce the circulating supply. Remarkably, only two burn transactions facilitated this feat, with a combined total of 87,760,994 SHIB consigned to oblivion in dead-end addresses.

Earlier this week, the SHIB community demonstrated its resolve by driving the burn rate to a remarkable high, witnessing a surge of 1,344% on April 9 alone. During this period, an impressive 135,451,536 SHIB was permanently removed from circulation, underscoring the dedication and enthusiasm of SHIB supporters.

Shiba Inu Lead Kusama Breaks Silence with Easter Wishes

Amidst these developments, the enigmatic figure behind Shiba Inu, Shytoshi Kusama, broke his silence with a festive tweet addressing the global SHIB community. Affectionately dubbed as “working like a dog,” Kusama extended warm wishes for Easter, encompassing its diverse celebrations such as Passover, Eid, and Gudi Padwa/Ugadi. Furthermore, Kusama extended an invitation to SHIB users and developers to join him in Dubai for the Blockchain Life Forum on April 16, fostering community engagement and collaboration on Shibarium.

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Source: X

In the realm of price action, Shiba Inu has witnessed both turbulence and resilience. Despite experiencing a significant 10.5% plunge between Tuesday and Wednesday, SHIB has shown remarkable resilience, recovering half of its losses over the last 24 hours. Currently trading at $0.00002801, SHIB continues to strive towards breaking above the elusive $0.00002950 level.

As the SHIB army continues to demonstrate unwavering loyalty and resilience, the future of Shiba Inu remains a testament to the power of community-driven initiatives and the enduring appeal of meme cryptocurrencies in the ever-evolving landscape of digital assets.

Shiba Inu Illuminate Dubai With Web3 Summit Sponsorship

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In a significant move, Shiba Inu announced its sponsorship of the much-awaited Web3 Summit 2024. This high-profile event, spearheaded by LBank Exchange, is scheduled for April 16th and 17th, 2024, and will take place at the prestigious Atlantis, The Palm, in Dubai. Renowned for its opulence and forward-thinking ambiance, the venue perfectly complements the innovative spirit of the Web3 Summit.

This gathering will highlight top AI+Web3 projects, showcase the achievements of the DeAI Hackathon 2024 winners and foster connections between innovators and investors. The focus is on exploring the transformative impact of AI and Web3 on creating a decentralized digital future.

The upcoming summit is the result of a collaborative effort involving notable organizations such as Web3 Summit, BlockNews, and LBank Labs, in addition to RWA Finance, METASTONE GROUP, Cointime, Byka Global, L7 Exchange, and Floxy Pay. It is poised to be an unparalleled gathering in the blockchain and cryptocurrency world, with a focus on unveiling new projects, facilitating discussions, and offering extensive networking opportunities to its participants.

Shiba Inu
Shiba Inu Illuminate Dubai With Web3 Summit Sponsorship 3

Shiba Inu’s sponsorship is a strategic step towards enhancing the visibility of its project and engaging with a global community of blockchain enthusiasts and professionals. The event is an excellent opportunity for all sponsors to showcase their contributions to the blockchain ecosystem, connect with potential collaborators, and position themselves as key players in the evolving landscape of Web3 technologies.

Shiba Inu’s Social Activity Peaks

In another significant development, Shiba Inu’s community, known as the SHIBARMY, grabbed the limelight as social activity soared to new heights. The SHIBARMY’s passion and dedication are evident in its strong engagement and a rallying cry to spread the word across various social media platforms and crypto communities. To further validate this momentum, SHIB secured the second position in LunarCrush AltRankTM, indicating a heightened interest in the meme token.

At a time when several meme coins have cropped up, competing for the attention of investors and enthusiasts alike, Shiba Inu’s sustained social activity underscores its resilience and growing influence within the cryptocurrency space. Notably, the surge in social activity comes against the backdrop of increasing price rises and accelerating market volume.

Deribit Secures Conditional VASP License from VARA, Relocates HQ to Dubai

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Crypto derivative­s leader Deribit se­cured a conditional Virtual Asset Service­ Provider license from Dubai’s re­gulatory authority, solidifying its global presence within Dubai’s flourishing crypto ecosystem. Dubai’s crypto hub presents opportunities De­ribit aims to leverage through this lice­nsing move.

The conditional lice­nse, acquired on April 2nd, 2024, covers spot and derivatives trading. However, the company re­mains inactive until Deribit mee­ts certain VARA-mandated prere­quisites. This involves finalizing localization processe­s and conforming to continuous regulatory oversight. However, Deribit’s leadership views this as a necessary step for long-term growth.

“Securing the conditional VASP license from VARA is not just a regulatory milestone; it’s a sign of our unwavering commitment to providing a secure, transparent, and innovative platform for our users,” said John Jansen, Deribit Co-Founder.

This sentime­nt resonates with the appointme­nt of Luuk Strijers as the new CEO. Strije­rs, an experience­d professional with nearly two decade­s in the financial sector, possesse­s extensive knowle­dge in product developme­nt and client engageme­nt strategies.

He unde­rscores the vast prospects offe­red by VARA’s progressive re­gulatory framework. Strijers aims to capitalize on De­ribit’s established client trust while­ driving further innovation within the evolving cryptocurre­ncy marketplace, exe­mplifying his forward-thinking approach.

Deribit strengthens its leadership ense­mble by welcoming Dennis Dijkstra, forme­r Chief Executive Office­r of Flow Traders, and industry veteran Wille­m Meijer as Non-Executive­ Directors (NEDs). Their extensive expertise will catalyze Deribit’s strategic navigation towards sustaine­d growth, solidifying its leading marke­t standing.

Dubai Crypto Hub Influences Deribit’s Strategic Move

Dubai eme­rges as a worldwide crypto hub, crucial in Deribit’s strate­gic relocation decision. Established in March 2022, VARA cre­ates a progressive le­gal framework for the Virtual Asset industry. This frame­work safeguards investors, establishe­s global governance standards, and supports a borderle­ss digital economy vision.

By securing operations in Dubai, the company positions itse­lf to capitalize on this rapidly expanding market. The­ city’s rise as a crypto center significantly influe­nces Deribit’s strategic move­. VARA, launched in March 2022, plays a central role in de­veloping a progressive le­gal framework for Virtual Assets.

This framework aims to prote­ct investors, establish international gove­rnance standards, and support a borderless digital e­conomy vision. By initiating its operations in Dubai, Deribit strategically positions itse­lf to benefit from this rapidly growing market.

While De­ribit awaits complete ope­rational clearance under the­ VASP license, they are­ collaboratively finalizing remaining nece­ssities alongside VARA. Soon, details about launch strate­gies, conditions, and the precise­ timeline for their Dubai unve­iling will be shared.

This conditional permit signifie­s a momentous achieveme­nt for Deribit. Propelled by an ade­pt leadership team, robust se­curity measures, and a strategic re­location to Dubai, the company stands poised to ceme­nt its crypto derivatives market dominance­.

Related Reading | Unveiling Ethereum’s Architectural Renaissance: The Purge Initiative

OKX’s Middle East Ventures Celebrate Approval of Dubai Virtual Assets License

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OKX Middle East Fintech FZE, the Dubai-based subsidiary of the cryptocurrency exchange, has recently acquired a license from the Dubai Virtual Assets Regulatory Authority (VARA), a development set to be fully operational in the coming weeks, as revealed by the firm on Tuesday.

This regulatory approval, in the form of the Dubai virtual assets services provider (VASP) license, marks a significant milestone for the subsidiary, enabling it to engage in fiat transactions. Moreover, the license empowers the company to offer spot services and spot pairs to both institutional and qualified retail customers through the exchange and its dedicated application.

OKX Empowered

In an announcement, OKX highlighted Dubai’s burgeoning status as the preferred hub for cryptocurrency enthusiasts. Currently ranking as the world’s second-largest exchange by volume, OKX initially received a preparatory license from VARA in June of the preceding year. The latest disclosure elevates this status to full operational capability, signaling a pivotal step forward for the subsidiary.

Rifad Mahasneh, OKX General Manager for the MENA Region, shed light on the implications of this development in an interview, stating, “This allows us to offer services to UAE residents, which we’re going after, including spot trading and fiat-related services, which means deposits and withdrawals of local currency, United Arab Emirates dirham (AED).” He further elaborated that the company would introduce local currency trading pairs, such as AED/BTC, AED/ETH, and others, showcasing a strategic expansion of their service offerings in the region.

The approval from VARA underscores OKX’s commitment to complying with regulatory frameworks, ensuring a secure and legally compliant environment for its users. As the company capitalizes on this regulatory green light, it anticipates a heightened level of engagement with the growing cryptocurrency community in the UAE, offering an array of services ranging from spot trading to fiat-related transactions.

This achievement positions OKX Middle East Fintech FZE as a key player in the regional cryptocurrency landscape, poised to cater to the evolving needs of both institutional and retail clients in Dubai and beyond.

Crypto Triumph: Fasset Secures Operational License in Dubai for Digital Asset Investment Platform

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In a significant development for the crypto investment landscape, Fasset, a leading platform, has successfully obtained a Virtual Asset Service Provider (VASP) license in Dubai. This milestone empowers Fasset to cater to a diverse clientele, including institutional investors, qualified investors, and retail investors, marking a pivotal moment in the company’s global expansion.

The licensing process involves three crucial stages: a provisional permit, a preparatory license, and the coveted operating license. Fasset FZE has now completed the third stage, positioning itself to offer broker-dealer services and introduce tokenized bonds and stocks in collaboration with Dubai’s Virtual Asset Regulatory Authority (VARA) in the foreseeable future.

Dubai Greenlights Fasset’s Crypto-Driven Digital Asset Investment

Back in 2020, Fasset made headlines by announcing zero-fee trades for users across six Gulf Region countries. The platform also unveiled what it proudly proclaimed as the world’s first operating system built on the Ethereum blockchain, dedicated to the ethical financing of sustainable infrastructure.

Fasset’s strategic focus since then has been on practical applications, addressing the needs of a diverse customer base, and establishing compliant remittance corridors. The platform has successfully obtained licenses and authorizations to operate within the European Union and made a noteworthy entry into Indonesia in August. The Indonesian venture included a strategic partnership with Mastercard Indonesia, reinforcing Fasset’s commitment to fostering collaborations for sustainable growth.

CEO Mohammad Raafi Hossain highlighted the significance of the VARA approval, emphasizing Dubai’s status as one of the most progressive regulatory frameworks globally. This approval serves as a crucial link in Fasset’s global licensing portfolio, connecting various regions like Indonesia, Malaysia, Bangladesh, Pakistan, and Turkey.

The roots of Fasset’s engagement with regulatory bodies trace back to its founding team’s tenure at the United Arab Emirates Prime Minister’s Office, where initial conversations about crypto regulation began.

Notably, Fasset weathered the challenges posed by the COVID-19 pandemic, initially being headquartered in London but later adopting a dual headquarters model in Indonesia and Dubai. This strategic move aligns with Fasset’s commitment to fostering a global presence and engaging with diverse markets.

With the newly acquired operational license in Dubai, Fasset is poised to further reshape the crypto investment landscape, bringing innovative and ethical financial solutions to investors across the spectrum.

Crypto.com Expands to Dubai: Attains VASP License for Cutting-edge Crypto Services

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Crypto.com, a prominent Singapore-based cryptocurrency exchange, revealed today that its Dubai entity, CRO DAX Middle East FZE, has secured a Virtual Assets Service Provider (VASP) Licence from Dubai’s Virtual Assets Regulatory Authority (VARA).

https://twitter.com/cryptocom/status/1724278894029635778

VARA’s Regulatory Framework: Crypto.com’s Compliance Commitment

According to a November 14 press release, this license, subject to specific conditions and localization requirements outlined by VARA, positions Crypto.com to engage in regulated virtual asset service activities pending operational approval from the regulator.

Upon obtaining operational approval, the VASP Licence will empower the exchange to provide a range of regulated virtual asset services, such as exchange services, broker-dealer services, management and investment services, and lending and borrowing services. These services will be accessible to retail and institutional users through the Crypto.com App and Crypto.com Exchange.

In an effort to be among the first virtual asset exchanges to operationalize its VASP Licence post-VARA’s issuance of specialized regulations in February 2023, Crypto.com underscores its commitment to cross-border risk assurance and compliance with VARA’s robust framework. 

This development follows the company’s acquisition of its MVP Provisional Licence in June 2022 and MVP Preparatory Licence in March 2023. Dubai was declared Crypto.com’s regional hub for the Middle East and Africa in March 2022.

Kris Marszalek, CEO of Crypto.com, expressed enthusiasm about being one of the pioneering crypto exchanges to secure a Virtual Asset Service Provider Licence from VARA, underscoring the company’s dedication to security and compliance. He lauded Dubai’s role as a leading market with effective crypto regulation supportive of adoption and innovation.

Meanwhile, on June 9, Crypto.com declared discontinuing services to institutional clients in the U.S., effective June 21. The decision, attributed to “limited demand” in the current crypto market conditions, does not impact retail investors who can still access the platform, including its CFTC-regulated derivatives trading.

Observers speculate that this move aligns with the growing regulatory scrutiny in the United States, particularly following recent lawsuits by the SEC against major exchanges like Binance and Coinbase for alleged violations of U.S. securities laws. Despite citing market conditions as the primary reason, the company did not rule out the possibility of reopening institutional services.

Related Reading | Bitcoin’s Soaring Fortitude: Unprecedented Mining Difficulty & Hash Rate Surge 

Dubai’s New Crypto Exchange: Backpack Introduces Regulated Platform

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Backpack, the company behind the immensely popular Mad Lads NFT collection on Solana, has announced a major development in the world of cryptocurrency. Today, they unveiled the launch of a regulated crypto exchange, Trek Labs Ltd FZE, which will operate under the name “Backpack Exchange.”

The Dubai Virtual Assets Regulatory Authority (VARA) has granted the Virtual Asset Service Provider (VASP) license for Exchange Services to Backpack Exchange. This license exclusively pertains to Backpack Exchange and does not extend to the other virtual asset products and services the company provides. Over the past five months, Backpack Exchange has meticulously developed a cutting-edge exchange platform. 

It incorporates innovative features like zero-knowledge proof of reserves (zk-proofs), Multi-Party Computation (MPC) for custody, and low-latency order execution. Furthermore, the company has secured licenses in multiple global jurisdictions and established premium fiat on and off ramps for its users.

The synergy between Backpack Exchange and Backpack Wallet, an unregulated product, aims to provide users with a seamless transition from fiat to on-chain applications. Existing Backpack Wallet users, who already enjoy access to diverse, decentralized applications (dApps) and unique executable NFTs (xNFTs), can now conduct cryptocurrency trades directly within the app.

Backpack CEO’s Vision For Crypto Transparency

Armani Ferrante, the CEO and Founder of Backpack emphasized the need to bring an end to the era of obscure crypto exchanges that go against the core principles of our industry. Using an exchange with a single point of failure, lacking proof of reserves, or lacking auditability should not be considered the norm.

Ferrante further stated that:

A verifiable, unforgeable ledger is the exact problem blockchains solve, and Backpack Exchange is taking full advantage of that. Using cryptographic techniques like zk-proofs, MPC, and state machine replication, Backpack Exchange hopes to raise the bar for transparency and compliance to demonstrate the best this technology has to offer. Don’t trust, verify.

Backpack Exchange will initiate a private beta for existing members of the Backpack and Mad Lads communities in November, offering spot cryptocurrency trading functionality. The platform is scheduled to go live to the public in the first quarter of 2024. 

Meanwhile, the Backpack Exchange team, supported by compliance experts from prominent financial institutions, will work on adding various trading functionalities like derivatives, margin trading, and cross-collateral services while simultaneously securing additional licenses worldwide.

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