{"id":139448,"date":"2024-10-11T20:30:22","date_gmt":"2024-10-11T17:30:22","guid":{"rendered":"https:\/\/cryptodnes.bg\/en\/?p=139448"},"modified":"2024-10-11T20:02:48","modified_gmt":"2024-10-11T17:02:48","slug":"okx-enters-the-uae-derivatives-market","status":"publish","type":"post","link":"https:\/\/cryptodnes.bg\/en\/okx-enters-the-uae-derivatives-market\/","title":{"rendered":"OKX Enters the UAE Derivatives Market"},"content":{"rendered":"<p>On October 10, the company <a href=\"https:\/\/www.okx.com\/learn\/okx-live-in-dubai\" target=\"_blank\" rel=\"nofollow\"><strong>launched<\/strong><\/a> a new exchange in the UAE overseen by the Virtual Assets Regulatory Authority (VARA) that offers spot and derivatives markets for digital assets.<\/p>\n<p>Speaking at the Future Museum in Dubai, OKX\u2019s regional general manager Rifad Mahasneh said the exchange will cater to both retail and institutional investors by maintaining deposits in UAE dirhams (AED) from local bank accounts. He said:<\/p>\n<p><em>For the first time, we can accept AED deposits directly from UAE consumers.<\/em><\/p>\n<p>The platform supports over 280 digital assets and 180 trading pairs, including AED pairs for major <a href=\"https:\/\/cryptodnes.bg\/en\/cryptocurrency\/\"><strong>cryptocurrencies<\/strong> <\/a>such as Bitcoin (<a href=\"https:\/\/cryptodnes.bg\/en\/cryptocurrency\/bitcoin\/\"><strong>BTC<\/strong><\/a>), Ethereum (<a href=\"https:\/\/cryptodnes.bg\/en\/cryptocurrency\/ethereum\/\"><strong>ETH<\/strong><\/a>) and Tether (<a href=\"https:\/\/cryptodnes.bg\/en\/cryptocurrency\/tether\/\"><strong>USDT<\/strong><\/a>).<\/p>\n<p>OKX CEO Star Sue said the UAE was chosen for its transparent regulatory framework, market opportunities and availability of talent. Mahasneh echoed this, reporting that it took three years to navigate the regulatory process, but that the outcome was favorable. Furthermore, as of November 15, 2024, cryptocurrency transfers and conversions will be <strong><a href=\"https:\/\/cryptodnes.bg\/en\/uae-eliminates-taxes-on-cryptocurrency-transactions\/\">exempt<\/a> <\/strong>from VAT in the UAE.<\/p>\n<style>\n    .dark-mode .read-more {background-color: #343a40 !important;}\n<\/style>\n<div class=\"read-more pb-3 pt-3 pt-md-2 px-3 my-4 border bg-light\">\n    <h5 class=\"text-uppercase border-bottom mb-3 pb-1 d-none d-md-block\">READ MORE:<\/h5>\n    <a class=\"article row\" href=\"https:\/\/cryptodnes.bg\/en\/dubai-intensifies-crypto-oversight-fines-seven-unlicensed-firms\/\" title=\"Dubai Intensifies Crypto Oversight, Fines Seven Unlicensed Firms\">\n        <div class=\"contentRight col-4\">\n            <span class=\"imgContainer mt-0\">\n                <img decoding=\"async\" class=\"image img-defer\" src=\"https:\/\/cryptodnes.bg\/en\/wp-content\/uploads\/sites\/2\/2022\/06\/dubai.jpg\">\n            <\/span>\n        <\/div>\n        <div class=\"contentLeft col-8\">\n            <h4 class=\"title mb-0\">Dubai Intensifies Crypto Oversight, Fines Seven Unlicensed Firms<\/h4>           \n            \n        <\/div>        \n    <\/a>\n<\/div>\n<p>The new exchange also introduces regulated crypto derivatives for the first time in the UAE. Qualified retail and institutional investors will be able to access the derivatives platform but must meet regulatory requirements, including a knowledge assessment and proof of financial stability. Mahasneh stressed that only advanced traders will qualify to trade derivatives.<\/p>\n<p>This launch positions OKX as a leader in the UAE, ahead of competitors such as Binance in offering derivatives. In September, OKX ranked as the second-largest exchange for derivatives volume with $565 billion in trades, capturing 18.4 percent of the market, while Binance held 40.7 percent. OKX\u2019s total market share, combining spot and derivatives trading, now stands at 14.1%.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>OKX, one of the largest crypto exchanges globally, is making inroads into the Middle East and North Africa (MENA) region.<\/p>\n","protected":false},"author":7,"featured_media":81507,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[22],"tags":[],"class_list":["post-139448","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>OKX Enters the UAE Derivatives Market<\/title>\n<meta name=\"description\" content=\"OKX, one of the largest crypto exchanges globally, is making inroads into the Middle East and North 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