When it comes to ambition and scale, few companies are making waves in the cryptocurrency space quite like OKX. Now, the global crypto giant is turning its attention to the UAE, a country that’s rapidly cementing its status as the next big player in blockchain and digital assets.
For OKX, this isn’t just about expanding into another market; it’s about becoming a driving force in a country that’s poised to be at the heart of the global crypto revolution. And leading the charge is Rifad Mahasneh, General Manager of OKX Middle East and North Africa (MENA) region – a seasoned strategist with a sharp eye for growth, talent, and innovation.
In a market where the opportunity is immense, OKX’s recent decision to launch in Dubai marks a pivotal moment. As Mahasneh sees it, the UAE is more than just a crypto-friendly jurisdiction – it’s a hub that’s perfectly aligned with OKX’s vision for the future. “We knew before launching that the UAE still has the highest crypto adoption rate. We know the market is there,” Mahasneh says. And with the UAE government’s forward-thinking approach to regulation, combined with an influx of top-tier talent, the timing for OKX couldn’t be better.
But behind the headlines and market buzz, there’s a deeper story – one that highlights OKX’s ambition to not only lead in crypto trading but also to establish itself as an infrastructure player in the region’s booming fintech ecosystem.
Rifad Mahasneh, the man behind the vision
If there’s one thing to know about Mahasneh, it’s that he’s no stranger to ambitious projects in fast-moving industries. Before joining OKX, Mahasneh served as Vice President and General Manager of Rain Financial in the UAE, a role where he first entered the crypto world and began navigating the complex regulatory environment of the sector in the region. Prior to that, he led Uber’s ride-hailing business across the GCC and Levant, overseeing a period of rapid growth and operational expansion.
An alumnus of the University of Toronto and IE Business School, Mahasneh combines a strong academic foundation with more than a decade of hands-on experience in business strategy, public policy, and management. His track record makes him the ideal candidate to spearhead OKX’s goals in the UAE, where the need for both a strategic vision and operational finesse is crucial. At OKX, his mission is clear: “The responsibility on our side is to ensure that any product we offer has the factors of trust and transparency,” he explains.
It’s that dual focus on innovation and integrity that’s positioning OKX as a leader in the region’s crypto market – a market that’s as competitive as it is promising.
Why Dubai? The perfect crypto launchpad
The UAE, and Dubai in particular, is fast becoming the destination of choice for cryptocurrency and blockchain companies. Why? In a word, regulation. Unlike some regions where rules are either too restrictive or too vague, the UAE has found the sweet spot. The government has made it clear that it sees blockchain as part of its long-term strategy, and with the launch of the Virtual Assets Regulatory Authority (VARA), the country is positioning itself as a global leader in crypto governance.
“We’ve got three different regulators in one country, and that only gives you more confidence about starting business operations,” Mahasneh points out. That regulatory clarity, combined with the country’s advanced infrastructure and talent pool, makes the UAE a natural fit for a company like OKX.
OKX’s decision to launch in Dubai comes at a time when the emirate is already making headlines for its plans to become a global hub for crypto and blockchain. Dubai’s Virtual Assets Regulatory Authority (VARA) is leading the charge in creating a safe and well-regulated environment for crypto businesses, attracting both start-ups and major players to set up shop in the UAE.
But for OKX, it’s not just about regulation. It’s about the ecosystem that Dubai is building around digital assets. “The talent is starting to move to the UAE because the ecosystem is being developed,” Mahasneh explains. “We see organic talent coming and asking, ‘Can I be based out of the UAE in your business? Can I move from Country X to the UAE?’”
It’s that combination of a supportive regulatory framework and a burgeoning talent pool that has OKX convinced it’s making the right move at the right time.
A local order book, OKX’s unique edge
While OKX is a global player, one of its key strategies for the UAE market is localisation. At the heart of this is the local order book – a feature that allows users in the UAE to trade directly in AED (UAE dirhams) for cryptocurrency, offering pairs like AED to BTC (Bitcoin), AED to Ethereum, and AED to USD. For traders, this means faster settlements and a more seamless experience.
“What we’re most excited about initially is the ability to offer what we call a ‘local order book’ – so AED to crypto pairs like AED to BTC, AED to Ethereum, and AED to USD to start,” says Mahasneh. By creating a local marketplace, OKX is streamlining the process and matching buyers and sellers directly within the UAE, resulting in quicker transactions and more liquidity.
And that’s not just good news for retail traders. Institutional investors are also set to benefit, thanks to OKX’s decision to offer regulated derivatives products in the UAE – one of the few crypto exchanges to do so. “This is very rare globally to have regulated crypto products, and we’re going to be one of the first, if not the first, in the UAE to operate locally under derivatives regulations,” Mahasneh adds.
For institutions that have been hesitant to dip their toes into the crypto world, this is a game-changer. It gives them the confidence to engage in crypto trading within a regulated framework, something that’s crucial for companies that are subject to strict internal policies and risk management procedures.
Trust and transparency, a cornerstone of OKX
Trust is a word that gets thrown around a lot in the world of finance, but for OKX, it’s more than just a buzzword, and is instead built into its foundations. The company has garnered a reputation for offering users transparency and security, two things that have historically been lacking in the crypto world.
“The responsibility that we know on our side is to ensure that any product we offer has the factors of trust and transparency,” Mahasneh explains. One of the ways OKX is delivering on that promise is through self-custody. Unlike many other exchanges that insist users hold their assets on the platform, OKX gives traders the freedom to store their assets independently, while still providing access to the platform’s trading services.
“We truly believe that the future of this industry is built on self-custody, where you as a user have full trust that your assets are located in a facility or device that you’re comfortable with,” Mahasneh notes.
In addition to self-custody, OKX is also raising the bar on transparency with its proof-of-reserves reports, which are published regularly to give users a clear view of how their assets are being managed. This level of openness is rare in the crypto space, but for OKX, it’s a key part of building trust with both retail and institutional clients.
“We do encourage users, if they feel comfortable, to self-custody their assets,” Mahasneh says. “And we’re constantly working to improve our custody policies to ensure that we’re meeting the highest standards of security and transparency.”
The future of OKX in the UAE
Looking to the future, it’s clear that OKX has big plans for the UAE – and the Middle East as a whole. With its local order book and institutional products now live, the company is already looking at ways to expand its offering, particularly when it comes to integrating digital assets into everyday transactions.
A major development on the horizon is the UAE Central Bank’s recent announcement about the Dirham-backed stablecoin, which could see digital assets used in day-to-day payments – a move that Mahasneh believes will further legitimise the industry. “That’s huge for digital assets in general and huge for the UAE market,” he says. “You’ve already seen announcements of projects wanting to explore lease payments through digital assets, and I’m excited to see how that develops.”
Beyond payments, OKX is also eyeing partnerships and collaborations with other players in the fintech and blockchain space to strengthen its position as a key player in the UAE’s digital asset ecosystem. “We see ourselves not only as a retail player and not only as an institutional player but also as an infrastructure player,” Mahasneh explains.
For OKX, the launch in the UAE is a statement of intent. The company is here to lead.
A legacy in the making
At the heart of OKX’s plans for the UAE is a vision that goes beyond trading. Mahasneh sees a future where digital assets are as much a part of everyday life as traditional currencies and payment systems. “At the end of the day, the legacy I’d like to see is this becoming normal, day-to-day activity,” he says. “Right now, even though we believe in digital assets, a lot of people still say, ‘Oh, I don’t know where to start.’ That will only change if people feel more comfortable, where they have a small percentage of their portfolio or savings engaged in digital assets.”
With the UAE pushing ahead as a global crypto hub and OKX establishing itself as a key player in the region, the stage is set for a new era in digital finance – one where trust, transparency, and innovation will define the future.
And at the centre of it all is OKX – leading the charge, setting the pace, and shaping the future of crypto in the UAE.