Norton Rose Fulbright advises OKX on market entry into Dubai
Global | Press release - Business | July 2022
Global law firm Norton Rose Fulbright's Dubai office has advised cryptocurrency exchange OKX on its entry into the UAE market.
OKX is one of the largest cryptocurrency exchanges in the world by trading volume. It offers spot, margin, futures, options, perpetual swaps trading, DeFi, lending and mining services to its millions of users in more than 100 countries worldwide.
OKX has successfully signed a memorandum of understanding (MOU) with, and obtained a provisional license from, the Virtual Assets Regulatory Authority (VARA), the authority responsible for the licensing and regulation of virtual assets in Dubai. OKX is one of the first international cryptocurrency exchanges to enter into such an arrangement with VARA since the new Dubai law regulating virtual assets came into effect earlier this year.
Norton Rose Fulbright has assisted OKX - among others - with the negotiations and the signing of the MOU with VARA, and will continue to assist with the licensing process and this strategic market entry. In parallel, Norton Rose Fulbright will also work with OKX and VARA to help brainstorm an appropriate and attractive legal framework for the virtual assets industry to thrive in Dubai.
The Norton Rose Fulbright team was led by partner Adjou Ait Ben Idir, who heads the Middle East corporate, M&A and securities practice, with partner Matthew Shanahan, senior associate Ismael Sinaceur and associate Kanan Kasuya supporting.
Adjou said:
“We were delighted to be able to advise OKX on its entry into Dubai at such a pivotal moment for the crypto industry in the region. There are huge opportunities in this sector, within and from the UAE, and we look forward to continuing to support our clients as great strides with global effects are being made in the crypto space across the country.”
This case continues the firm’s strong track record in the establishment of cryptocurrency trading platforms in the UAE. Earlier this year, a Dubai office-led team advised Bybit on its entry to the UAE market.
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