The United Arab Emirates (UAE) is quickly establishing itself as a key player in the cryptocurrency and blockchain space, thanks to progressive regulations, a strong focus on innovation, and its expanding role as an economic powerhouse. OKX, a leading global on-chain technology company, has taken a significant step in this direction by becoming the first international crypto firm licensed to offer UAE dirham (AED) banking rails for both retail and institutional investors.
With this move, UAE-based virtual asset investors can now deposit and withdraw UAE dirhams directly to and from their OKX accounts through local banking channels. This development is seen as a major leap in crypto adoption within the region, as OKX provides access to over 280 cryptocurrencies and 480 trading pairs, including Bitcoin/UAE dirhams, Ethereum/UAE dirhams, and Tether/UAE dirhams.
“We are lowering the barriers to crypto adoption in the UAE by providing direct dirham support for popular cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH),” said Rifad Mahasneh, General Manager of OKX Mena. “Our platform is tailored specifically to the UAE market, with features like Arabic language integration, customer support in Arabic, and trading pairs in UAE dirhams. We’ve also integrated UAE banking channels to allow for direct deposits and withdrawals in dirhams, making the process more convenient and localized.”
The company’s expansion into the UAE is bolstered by a full Virtual Asset Service Provider (VASP) license from the Dubai Virtual Asset Regulatory Authority (VARA), one of the most respected regulators in the digital assets sector. This license permits OKX to offer spot services and derivatives trading, further solidifying the UAE as a global hub for both institutional and retail crypto trading.
OKX also released a research report, “Digital Assets as the New Alternative for Institutional Investors: Market Dynamics, Opportunities, and Challenges,” which was commissioned by OKX Institutional and authored by Economist Impact. The report highlighted that digital assets are becoming a core component of institutional portfolios, driven by advances in blockchain technology, digital security, and global regulatory clarity.
According to the report, 69% of institutional investors plan to increase their allocations to crypto and digital assets over the next two to three years. By 2027, these assets are expected to make up 7.2% of institutional portfolios, marking a significant shift in investor sentiment towards digital assets.
“VARA has set a global benchmark by establishing clear, transparent guidelines that balance innovation with investor protection, making the UAE an attractive destination for crypto businesses and investors alike,” Mahasneh added. He emphasized that the UAE is home to more than 2,000 crypto and blockchain businesses and employs over 10,000 people in the sector, according to a recent Crypto Oasis Report.
The UAE’s commitment to blockchain and crypto regulation positions it as a leader in the industry, attracting companies like OKX to invest and expand their services in the region. OKX’s entry into the UAE market is set to drive greater adoption of cryptocurrencies and further establish the UAE as a global leader in blockchain technology and virtual asset regulation.