OKX Middle East Fintech FZE, the Dubai subsidiary of cryptocurrency exchange and Web3 technology company OKX, has received a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA) for VA Exchange Services.
“The license remains non-operational until the company fully satisfies all remaining conditions and select localisation requirements defined by VARA, following which it will be able to commence operations, subject to regulatory reverification and approval,” the company said in a statement.
When operational, the VASP license will enable OKX Middle East to expand its regulated virtual assets activities, providing spot services and spot pairs to institutional and qualified retail customers via the OKX App and OKX.com exchange.
“The MENA region holds immense potential to become a hub of excellence for Web3 and virtual assets,” said Rifad Mahasneh, OKX General Manager for the MENA Region. “We eagerly anticipate the chance further to enhance the already flourishing ecosystem throughout the region.”
“Dubai and VARA are world leaders in crypto regulation by establishing the most timely, comprehensive, and built from the ground-up framework for virtual assets and Web3,” said OKX Global Head of Government Relations, Tim Byun. “This license was a crucial step for OKX as we move from a trust-based system to one that is trustless and empowers users to take control of their financial future.
