OKX Middle East Fintech FZE, the Dubai subsidiary of cryptocurrency exchange OKX, announced today that it has received a virtual asset service provider (VASP) license from the Dubai Virtual Asset Regulatory Authority (VARA) for its VA Exchange Services.
The license remains non-operational until the company fully satisfies all remaining conditions and elects to localize requirements set by VARA, after which it will be able to commence operations, subject to regulatory verification and approval.
Once operational, the VASP license will enable OKX Middle East to expand its licensed suite of duly regulated virtual asset activities and provide spot and spot-pairs services to institutional and specialist retail clients via the OKX App and the OKX.com Exchange .
Rifad Mahasneh, OKX General Manager for the MENA region, said:
“The future of digital assets and capital markets lies in the hands of regulated entities and Dubai, together with VARA, have succeeded in creating a distinct environment that encourages the growth of Virtual Asset Service Providers. The MENA region has enormous potential to become a hub of excellence for Web3 and virtual assets. We look forward to the opportunity to further strengthen the already thriving ecosystem across the region.”
Tim Byun, head of government relations at OKX Global, said:
“Dubai and VARA are global leaders in cryptocurrency regulation, establishing the most up-to-date, comprehensive and ground-up framework for virtual assets and Web3. This license was a critical step for OKX as we transition from a trust-based system to a trustless system that empowers users to take control of their financial future. Dubai is an important market for us and we are excited to build strong relationships with our users and help grow its crypto and Web3 ecosystem.”