TL;DR
- OKX Middle East Fintech FZE announces receiving a VASP license from the Dubai Regularity Authority (VARA) for VA Exchange Services.
- By trading on a regulated platform under VARA’s supervision, users will enjoy enhanced levels of consumer protection in Dubai.
OKX Secures Conditional VASP License in Dubai
OKX’s Dubai subsidiary receives a conditional VASP license from the Emirate’s Virtual Asset Regulatory Authority for VA Exchange Services.
The license still needs to be operational. It will only be contingent when the OKX meets specific conditions and localization requirements of the regulatory authority.
Once the exchange firm meets these prerequisites and is re-verified by the VARA, it will obtain approval. Afterward, the OKX Middle East will start initiating its operations.
With a VASP license, OKX Middle East will be able to offer a variety of regulated virtual assets activities.
They include spot trading services, spot pairs, and local currency deposits/withdrawals.
Moreover, institutional and qualified retail customers will also have in-market access via its OKX app and website.
Notably, trading experience on the platform under VARA’s guidance will offer users efficient customer protection levels in Dubai.
The crypto exchange platform maintains high investor and market protection standards.
We anticipate the chance to further enhance the already flourishing ecosystem throughout the region. The license marks the beginning of a new era—one where digital assets are not just a part of the financial landscape but are pivotal in shaping its future.
OKX GM for MENA region, Rifad Mahasneh, stated.
Smooth Licencing Process for Governing the Crypto Sector
Mahasneh went on to commend the Virtual Assets Regulatory Authority’s (VARA) efficient licensing process. He believes the regulatory authority is effective when it comes to governing the crypto sector responsibly.
In addition, he reiterates that this collaboration is a testament to clear-cut regulation allowing accountable growth.
He added that it’s a crucial era in the cryptocurrency sector where security and trust are paramount.
The license will bring legitimacy and regulatory oversight to OKX’s operations in Dubai.
Following all regional regulations is essential as an exchange platform trying to expand its footprint in the Middle East.
With the VASP tag, users know that OKX has met all Dubai authorities’ security and consumer protection standards.
The news comes after OKX received an MVP preparatory license from VARA in June 2023.
Is Dubai Becoming a Crypto Hub in the Middle East?
Dubai is positioning itself to become a crypto hub in the Middle East. It has business-friendly regulations that are attracting crypto exchange firms into the region.
In recent times, Dubai’s prime minister approved a virtual assets law. The new law empowered the VARA to regulate digital assets in particular areas.
It also led to the notable sanctioning of the Dubai International Financial Centre. While Dubai is a regional economic leader, the Emirate may be the financial gateway for the Middle East and beyond.
The region’s progressive stance towards the crypto sector has attracted several global virtual asset companies.
These firms are looking to tap into the substantial investment potential of the region. The UAE has held custody of nearly $25 billion in crypto assets as of 2021.
OKX is another exchange platform eyeing the Dubai market. It’s excited to build strong relationships with users and contribute to developing its crypto and the web3 ecosystem.
Is the VASP license a crucial step for OKX to empower users to take control of their financial future?
Susan Oh
Susan Oh is a leading figure in the integration of AI and blockchain for social good, serving as the CMO for BeOmni by Beyond Imagination and a civic technologist dedicated to creating scalable solutions. She is a board member of the Blockchain Commission For Sustainable Development supported by the UN GA Office of Partnerships, and a member of the Global Sustainability Network, a joint initiative by the Vatican and the Church of England to combat human trafficking. Recognized with the...
