Dubai’s iconic Museum of the Future set a visionary stage on October 10, 2024, as OKX officially launched its VARA (Virtual Asset Regulatory Authority)-licensed crypto exchange in the United Arab Emirates. Far more than just another global expansion milestone, this launch marks a pivotal moment in the evolution of digital finance — positioning OKX as a cornerstone of Dubai’s growing reputation as a leading crypto hub.
The event wasn’t merely a product announcement; it was a forward-looking dialogue among industry leaders, regulators, and innovators shaping the future of finance. From blockchain scalability to institutional adoption and regulatory clarity, the discussions highlighted how deeply crypto is becoming integrated into the global financial fabric — with Dubai at the forefront.
Dubai’s Rise as a Global Crypto Hub
Dubai has rapidly emerged as one of the world’s most progressive jurisdictions for digital assets, and the event underscored why. Dr. Marwan Al Zarouni, CEO of the Dubai Blockchain Center, emphasized how the Dubai Economic Agenda 2023 has accelerated the city’s transformation into a tech-driven financial center. His insights revealed that strategic policy-making and forward-thinking governance have created an environment where innovation thrives.
This sentiment was echoed by Anthony Scaramucci, Founder and Managing Partner of SkyBridge Capital, who praised Dubai’s sophisticated regulatory framework. “The clarity and predictability of regulation here attract serious players,” he noted. “It’s not just about doing business — it’s about building with confidence.”
Jeff Ren, Partner at OKX Ventures and CEO of OKLink, added that formal regulation brings transparency and stability — essential ingredients for long-term growth. “This kind of regulatory maturity sets the stage for global participation,” he said, pointing to Dubai’s ability to draw talent, capital, and innovation from across continents.
Rifad Mahasneh, OKX’s General Manager for the MENA region, highlighted another key advantage: Dubai’s robust financial ecosystem. With established institutions, custodians, brokers, and insurers all converging in one jurisdiction, the emirate offers unparalleled infrastructure for both retail and institutional crypto activity.
“In the next 15 years, this will be one of the big crypto and financial centres. Everybody in crypto will eventually have an office here — that’s my prediction.”
— Anthony Scaramucci, Founder and Managing Partner, SkyBridge Capital
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OKX: Powering the Next Wave of Crypto Adoption
OKX’s presence in Dubai isn’t just symbolic — it’s strategic and operational. As the first global crypto company in the UAE to offer AED banking rails, OKX is bridging traditional finance and digital assets like never before. This integration allows seamless onboarding for both retail investors and institutions, enabling direct fiat-to-crypto transactions in local currency.
Star Xu, Founder and CEO of OKX, reaffirmed the company’s deep commitment to the region: “We’ve established a headquarters here, and we’ll continue to invest by growing our team of talent.” His vision extends beyond infrastructure — it includes partnerships with tier-one banks and asset managers through a tri-party model designed to help traditional firms gain compliant exposure to crypto markets.
Haider Rafique, OKX’s CMO, traced the platform’s evolution over the past three years — from high-volume exchange to full-fledged crypto super app. With over 60 million users and hundreds of institutional clients worldwide, OKX has become synonymous with reliability, innovation, and security.
“The sector has been questioned, criticized — it’s seen adversity and failures. Yet during this volatility, we’ve found a way to keep our head down, and focus on innovating and always doing the right thing.”
— Haider Rafique, CMO, OKX
Onchain Innovation: The Bridge Between Crypto and Traditional Finance
The conversation soon turned to broader industry trends — particularly how blockchain technology is reshaping finance. Hong Fang, President of OKX, joined David Renold (CEO of OKX Ireland) and Andrew Crawford (VP of Digital Assets at Franklin Templeton) to explore the convergence of decentralized systems and traditional finance (TradFi).
Crawford identified two major challenges: transitioning wealth management practices to blockchain environments and delivering user-friendly tools to mainstream investors. But he also sees momentum building. “The approval of spot Bitcoin ETFs and the widespread use of stablecoins for cross-border payments show that TradFi’s move onchain has already begun,” he said.
David Renold added that global compliance infrastructure is maturing rapidly. Banks are increasingly comfortable working with licensed exchanges thanks to clearer regulations — a shift that enables critical services like fiat onramps and offramps. Meanwhile, customer demand is pushing traditional lenders to offer crypto-related services.
Sandeep Nailwal (Co-founder of Polygon Labs) and Muneeb Ali (Co-creator of Stacks) delved into technical advancements needed for scalability and interoperability. Ali stressed that Bitcoin’s Layer-1 limitations require robust Layer-2 solutions to unlock its full potential. Nailwal agreed, noting that interoperability tools like Polygon are evolving to connect multiple chains seamlessly.
“We believe a decentralized system is the future. It’s important we as an industry and OKX continue to invest in this infrastructure — to build for the future in line with VARA and the UAE’s sentiment for tech investment.”
— Hong Fang, President, OKX
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Regulation as a Catalyst for Trust and Growth
Regulation wasn’t treated as a hurdle — but as a foundation. Mauricio Beugelmans, OKX’s Chief Legal Officer, praised VARA’s pioneering regulatory framework as “visionary,” creating a clear pathway for compliant innovation.
Star Xu reinforced that strong compliance isn’t optional — it’s competitive advantage. “Some crypto companies now meet higher compliance standards than traditional banks,” he stated. One example is Proof of Reserves (PoR), which ensures customer deposits are fully backed. OKX plans to launch a localized PoR solution in Dubai, enhancing transparency for regional users.
“When we go to different markets like Dubai, we implement the local requirements 100%. Dubai’s regulator granting us a virtual asset license shows great trust in the OKX team.”
— Star Xu, Founder and CEO, OKX
Collaboration Fuels Progress
No journey is made alone — a theme echoed when Haider Rafique shared the stage with Pep Guardiola, Manager of Manchester City Football Club. Their discussion centered on leadership, resilience, and continuous improvement — values shared across sports and tech.
Guardiola offered timeless wisdom: “Move on. Move forward, one step in front of the other. And sometimes, make a decision from your knowledge, from your gut. It’s not much more complicated than that.”
Zak Brown, CEO of McLaren Racing, contributed a pre-recorded message highlighting parallels between Formula 1 and crypto: speed, innovation, and relentless evolution. “We’re both constantly pushing limits to engage new audiences,” he said.
These partnerships go beyond branding — they reflect a shared ethos of excellence and forward motion.
Frequently Asked Questions
Q: What does OKX’s VARA license allow it to do in Dubai?
A: The VARA license permits OKX Middle East Fintech FZE to offer Virtual Asset Exchange Services, Management & Investment Services, and Lending & Borrowing Services under strict regulatory oversight.
Q: Can residents of the UAE trade crypto using AED on OKX?
A: Yes — OKX is the first global exchange in the UAE to provide AED banking rails, enabling seamless fiat-to-crypto transactions for both retail and institutional users.
Q: How does Proof of Reserves benefit users?
A: Proof of Reserves audits verify that customer funds are fully backed, increasing transparency and trust in exchange operations.
Q: Is OKX available globally?
A: While OKX operates in many regions, specific services vary by jurisdiction due to local regulations.
Q: What role does Dubai play in OKX’s global strategy?
A: Dubai serves as a strategic hub for MENA expansion, combining regulatory clarity, financial infrastructure, and regional influence to drive adoption.
Q: Are OKX products suitable for institutional investors?
A: Absolutely — OKX offers advanced trading tools, custody solutions, and structured products tailored for institutional clients.
The launch of OKX Middle East Fintech FZE is more than a regional milestone — it’s a statement about the future of finance. By combining cutting-edge technology with rigorous compliance and deep community engagement, OKX is helping build a more inclusive, transparent, and innovative financial system — one block at a time.
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