- OKX has scored a win in Dubai.
- The exchangeโs local subsidiary secured a key license for crypto services.
- The license is subject to โfinal regulatory reverification and approval.โ
Cryptocurrency exchange OKX has secured a Virtual Asset Service Provider (VASP) license in Dubai through its local subsidiary, OKX Middle East Fintech FZE.
Enacted by the worldโs first tailor-made crypto regime known as the Virtual Assets Regulatory Authority (VARA), the VASP license allows businesses to provide permissible virtual asset activities and services to users in and from the emirate of Dubai.
OKX Middle East Fintech FZE Wins VASP License
According to a press release dated January 16, VARA has awarded OKXโs Middle East subsidiary with a VASP license for virtual asset exchange services in Dubai.
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While the license remains non-operational until the company meets all the remaining conditions and โselect localization requirementsโ set by VARA, OKX anticipates commencing a range of operations once it passes final regulatory verification and approval.
โOnce operational, the VASP license will allow OKX Middle East to extend its approved suite of duly regulated virtual assets activities and to provide spot services and spot-pairs, to institutional and qualified retail customers via the OKX App and OKX.com exchange,โ The statement read.
OKX General Manager for the MENA Region, Rifad Mahasneh, lauded the win, noting that the exchange eagerly anticipated the chance to โfurther enhanceโ the already flourishing Web3 landscape in Dubai, thanks to the regionโs favorable regulatory approach towards digital assets.
โThe future of digital assets and capital markets lies in the hands of regulated entities, and Dubai, along with VARA, has succeeded in establishing a distinctive environment that fosters the growth of Virtual Asset Service Providers,โ Mahasneh stated.
Without mentioning when VARA is likely to issue a full approval, OKX noted that trading under the regulatorโs supervision would enable users to โenjoy enhanced levels of consumer protection.โ
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