OKx licenced in UAE

[Kavelj22]

According to this article, it was announced today that OKX Exchange has officially obtained a full license to operate in the UAE and also to provide trading services in the local currency, the UAE Dirham: https://www.coindesk.com/business/2024/10/10/okx-goes-live-in-uae-targeting-tradfi-institutions-retail-market/

The facilities provided by the UAE within the framework of digital openness policies encourage major companies active in the field of providing crypto services to rush to obtain an activity license, especially cryptocurrency exchange platforms that are not satisfied with virtual activity and go beyond it by opening their headquarters in the UAE. Even if obtaining licenses is not an easy step in general, it remains much better than other countries that impose strict procedures or do not allow establishment at all, even if they allow activity. Okx platform is considered one of the most active companies in the crypto space, and thus the UAE is a center that currently includes the activities of major global platforms such as Binance and Coinbase. I expect that this rush will continue and most companies may move to the UAE, although this will certainly create some kind of competition between them, which will enhance the position of the UAE as a leading country in the crypto market.

[BitMaxz]

That's good news from those who live in UAE Pretty bad. I have bad experience with using OKX about the minimum deposit that has never been credited to my account.
However, I see some improvement compared before that they don't have any warning notification before depositing with minimum deposit.

I hope they continue to get more license to other countries it's not fully licensed yet in my country, that makes government have option to ban exchanges like what happened to Binance, that until now is still banned to all ISP.

[passwordnow]

Very good news, OKX is gaining traction almost in every region where it is operating. And as for UAE, they're putting where their mouth is and that is because they keep on supporting the crypto market and just some days ago, it's reported that they're not going to put taxes/VAT to crypto transactions. I hope with this action of UAE, they're making themselves to be the crypto hub of the world. As this gives the challenge to the other nations that are trying to claim this spot of being too open with their people about cryptocurrencies and attracting more companies and tourists to come and visit them and enjoy the perks of being supportive to the crypto community.

[FortuneFollower]

That's good news from those who live in UAE Pretty bad. I have bad experience with using OKX about the minimum deposit that has never been credited to my account.
However, I see some improvement compared before that they don't have any warning notification before depositing with minimum deposit.

I hope they continue to get more license to other countries it's not fully licensed yet in my country, that makes government have option to ban exchanges like what happened to Binance, that until now is still banned to all ISP.

Interesting, never got any problems with deposits on OKX for the time being. I use it mainly just because it's convenient for me and was the first exchange introduced after Binance, and for me, Binance is laggy and not good interface-wise.
I hope your future experiences with the exchanges will be better.

[hugeblack]

buying and selling was possible through an intermediary where they buy cryptocurrencies from exchanges and sell them for AED with a 2% to 5% profit margin, so OKX will have an advantage as it will give cheaper fees, but if it integrates with many banks in the Middle East region as Rain^[1] does, it will be better.

Binance and Crypto.com have both obtained licenses before, but we have not seen enough momentum for investing in cryptocurrencies.

[1] https://www.rain.com/

[Darker45]

buying and selling was possible through an intermediary where they buy cryptocurrencies from exchanges and sell them for AED with a 2% to 5% profit margin, so OKX will have an advantage as it will give cheaper fees, but if it integrates with many banks in the Middle East region as Rain^[1] does, it will be better.

Binance and Crypto.com have both obtained licenses before, but we have not seen enough momentum for investing in cryptocurrencies.

[1] https://www.rain.com/

The big difference here is that OKX offers "dirham banking integration and a dirham-denominated order book".^[1] Apparently, these aren't offered by both Binance nor Crypto.com. OKX is also the first to offer crypto derivatives. So, yeah, this is a kind of breakthrough. On-ramp and off-ramp have become pretty much handy. Hopefully, this builds a different level of confidence among investors which results into a more aggressive momentum.

[1] https://www.coindesk.com/business/2024/10/10/okx-goes-live-in-uae-targeting-tradfi-institutions-retail-market/

[hugeblack]

The big difference here is that OKX offers "dirham banking integration and a dirham-denominated order book".^[1] Apparently, these aren't offered by both Binance nor Crypto.com. OKX is also the first to offer crypto derivatives. So, yeah, this is a kind of breakthrough. On-ramp and off-ramp have become pretty much handy. Hopefully, this builds a different level of confidence among investors which results into a more aggressive momentum.

It is true that both Binance nor Crypto.com, but it is not the first service that enables you to deposit and withdraw in UAE dirhams, on the contrary, there are services that allow a wider range of banks. The activity of crypto derivatives markets will not be large in the Middle East region.

[yhiaali3]

Good news for the UAE and for crypto users in general, of course, because the more official licenses are obtained for exchanges in new countries, the more cryptocurrencies will be adopted around the world.

As for the UAE, of course, we know very well that it is one of the leading countries in economic and technological openness to everything new, so it was among the first countries to work on developing open legislation that encourages companies to open their offices in the UAE and invest there.

As for OKX, it is not the first exchange to obtain a license in the UAE, but it seems that it is the first exchange to obtain a full license that allows it to provide crypto services to individuals and institutions.

[bbc.reporter]

It appears that everything is moving to the Arabs, from the sport of boxing to the exchanges of the cryptospace. I reckon this is because the United Arabs Emirates and also Saudi Arabia do not have very strict regulations on crypto and more importantly, they have very low taxes. There might be no taxes on some occasions. Also, we have also been witnessing that professional boxers with big names like to fight in front of Arabs because their purses are increased by Arab princes and they do not pay taxes for this.

Similar to much of you, I also speculate that the Arabs' wealth will cause very big inflows to the cryptospace. This will be on bitcoin then this will be on other cryptocoins with enough liquidity from the exchanges.

[Kavelj22]

It would be an exaggeration to say that the UAE is the only country in the region that is truly interested in developing digital technologies, but it can be confirmed that it is the country that pays the most attention to development, given that its policies support technological development in general and are not limited to one field. Currently, there is no country in the Arab region (except for Israel) that is able to compete with the UAE, and this may continue for the next decade or two, as the UAE's strategic plans set a comprehensive vision that extends beyond 2030-2040.

The UAE is a pioneer in the field of cryptocurrencies in particular at the level of the Arab region, thanks to strong government support, a flexible regulatory environment, and interest in innovation and technology led by young minds capable of absorbing and keeping pace with market variables. This was helped by the country's success in establishing both the Abu Dhabi Global Market (ADGM) and the Dubai International Financial Center (DIFC), which provide a flexible and attractive environment for companies operating in the field of digital assets, in addition to being among the most important global financing centers, as the UAE government strongly supports innovation and technology, which provides a stimulating environment for emerging companies. It is also important to note that the UAE provides free trade zones that offer tax incentives and facilities for establishing companies and encourage international companies to open their headquarters. Of course, among these facilities will be providing the necessary support to facilitate obtaining activity licenses with the least possible complications.

[Pmalek]

I have bad experience with using OKX about the minimum deposit that has never been credited to my account.

That's too bad. I guess you sent too small of an amount, and some exchanges don't credit nor refund deposits sent which are below their minimum limit. It's a shitty practice in my opinion. It's not like the small amount of crypto disappears from their custody and becomes unavailable. They still have it. Perhaps it will cost them more to move those coins, considering that exchanges tend to overpay on fees, so they don't want to touch it.

Have you spoken to customer support? Perhaps if you made a new transaction, respecting the minimum deposit threshold, they will sum up everything and add it to your balance.

[bbc.reporter]

It would be an exaggeration to say that the UAE is the only country in the region that is truly interested in developing digital technologies, but it can be confirmed that it is the country that pays the most attention to development, given that its policies support technological development in general and are not limited to one field. Currently, there is no country in the Arab region (except for Israel) that is able to compete with the UAE, and this may continue for the next decade or two, as the UAE's strategic plans set a comprehensive vision that extends beyond 2030-2040.

The UAE is a pioneer in the field of cryptocurrencies in particular at the level of the Arab region, thanks to strong government support, a flexible regulatory environment, and interest in innovation and technology led by young minds capable of absorbing and keeping pace with market variables. This was helped by the country's success in establishing both the Abu Dhabi Global Market (ADGM) and the Dubai International Financial Center (DIFC), which provide a flexible and attractive environment for companies operating in the field of digital assets, in addition to being among the most important global financing centers, as the UAE government strongly supports innovation and technology, which provides a stimulating environment for emerging companies. It is also important to note that the UAE provides free trade zones that offer tax incentives and facilities for establishing companies and encourage international companies to open their headquarters. Of course, among these facilities will be providing the necessary support to facilitate obtaining activity licenses with the least possible complications.

I speculate that the attractiveness of very low taxes might cause the institutional investors from America and Europe to transfer their investment activities from their jurisdictions to the United Arab Emirates' jurisdiction heheheh. This also implies more of their dollars will be under the jurisdiction of the Arabs which can be a benefit because of the higher circulation of the currency in their country.

Will the UAE become something similar to being like the Switzerland for the cryptospace? This might be an impossible speculation, however, this might certainly occur.

[Kavelj22]

In a report prepared by Al Arabiya channel, it was mentioned that the TripleA platform, which specializes in cryptocurrency payments, covered the list of Arab countries leading in digital currencies, as the UAE came at the top of the list with the highest rate in the world at a rate exceeding 25% from total population during the current year 2024. While the Kingdom of Saudi Arabia came in fourth place globally in terms of its population using cryptocurrencies at a rate of 15% of the total population.

I am sure that these numbers are inaccurate and that the number of users exceeds these announced rates because a large percentage of crypto users do not declare this and cannot be monitored or their activities tracked. I personally expect a much larger number of users in other Arab countries such as Egypt or North African countries, but they are not on this list because their percentage is not large compared to the population. The percentage of 25% of the population of the Emirates means less than three million people, since the population of the United Arab Emirates has just over 11 million and most of the population are foreigners, while the percentage of 15% in Saudi Arabia exceeds 5 million people. I am sure that Egypt has a number of users much more than these numbers.

TripleA also predicted that the number of cryptocurrency users around the world will reach 562 million people by the end of this year 2024. I also think that this is a very small number and cannot be real, and I wonder how the platform was able to deduce this data.

[bbc.reporter]

@Kavelj22. The United Arab Emirates are leading on TripleA's list because much of the investments from venture capitalists and institutional investors are going to Dubai. It appears that they are recreating something similar to what banking is in Switzerland, however, this will be the what cryptospace will be in Dubai. I speculate that there will be less taxes, less regulations and no one like uncle Gary who use regulation through enforcement tactics to crackdown on their businesses.

There was a news article on CZ that he wanted to hide in Dubai during his case against America's department of justice hehehehe. This implies that the place is very friendly for the participants of the cryptospace.