OKX handed VASP licence for Dubai

OKX Middle East Fintech FZE - the Dubai subsidiary of crypto exchange OKX - has been granted a Virtual Asset Service Provider (VASP) license for Dubai.

Approved by 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.

Once these requirements are passed, OKX will be able to commence operations, subject to regulatory reverification and approval. It will allow OKX Middle East to extend its approved suite of 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.

“The 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," said Rifad Mahasneh, OKX General Manager for the MENA Region.

"The MENA region holds immense potential to become a hub of excellence for Web3 and virtual assets. We eagerly anticipate the chance to further enhance the already flourishing ecosystem throughout the region.”

OKX Global Head of Government Relations, Tim Byun, called the licence approval a crucial step for the six-year-old company.

“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," he said.

"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. Dubai is an important market for us, and we're excited to build strong relationships with our users and contribute to the development of its crypto and Web3 ecosystem.”