Now you can trade cryptos in UAE dirhams

The UAE has emerged as a dynamic hub for the crypto and blockchain space, driven by forward-thinking regulations, a strong commitment to innovation, and its position as a regional economic powerhouse. The country’s favourable regulatory environment and multi-sector growth create immense potential for the cryptocurrency market.

Seeking to cash in on this trend, OKX, a global onchain technology company, on Thursday announced it is operationally live and licensed in the UAE. With the announcement, the firm is now the first global crypto company in UAE to offer UAE dirhams banking rails for its retail and institutional customers.

Virtual asset investors in the UAE can now deposit and withdraw UAE dirhams directly to and from the OKX platform via local bank accounts. OKX offers the widest selection of cryptocurrencies and trading pairs in the UAE, with over 280 cryptocurrencies and 480 trading pairs, including bitcoin/UAE dirhams, Ethereum/UAE dirhams and Tether/UAE dirhams.

OKX’s new research report, “Digital Assets as the New Alternative for Institutional Investors: Market Dynamics, Opportunities, and Challenges,” commissioned by OKX Institutional and authored by Economist Impact, highlights that digital assets are poised to become a core component of institutional portfolios. Increasing maturity in blockchain technology, enhanced digital security, and progress toward global regulatory clarity are key factors driving adoption and investment in the space. Additionally, innovations such as tokenized real-world assets and deep liquidity pools further support this growth.

According to the report, 69% of institutional investors plan to increase their allocations to crypto and digital assets over the next 2-3 years. By 2027, these assets are projected to make up 7.2% of institutional portfolios, marking a major shift in how investors view digital assets.

“By providing direct dirahm support for popular cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), along with access to over 260 tokens, we are lowering the barriers to crypto adoption in the UAE. Our platform is tailored specifically to the UAE market, starting with key features like Arabic language integration, Arabic-language customer support, and UAE dirham trading pairs, which make it simple and intuitive for users to deposit, withdraw, and trade their favorite cryptocurrencies. We have also integrated UAE banking channels to allow for direct deposits and withdrawals in UAE dirhams, making the process more convenient and localized,” Rifad Mahasneh, GM of OKX MENA, said.

OKX’s expansion is supported 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 allows us to offer spot services and derivatives trading to institutional and retail clients, creating an environment of trust and compliance for both individual users and institutions.

The UAE has positioned itself as a global leader in blockchain technology and virtual asset regulation, Mahasneh stressed. “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. The UAE’s commitment to blockchain is evident, with over 2,000 crypto and blockchain businesses registered and more than 10,000 people employed in the sector (as per Crypto Oasis Report),” Mahasneh said.