Crypto Exchange OKX Secures VASP License from Dubai’s VARA
Release: 2024/01/17 06:19 Reading: 210
- OKX Middle East Fintech FZE, a Dubai subsidiary of OKX received a VASP license in Dubai.
- The exchange’s MENA General Manager, has spoken highly of the Dubai VASP license.
As part of its worldwide expansion strategy, OKX, a prominent crypto exchange, has secured a VASP license from VARA, the Virtual Assets Regulatory Authority (VARA), in Dubai.
Furthermore, this noteworthy accomplishment showcases the innovative approach to virtual assets and Web3 technology in Dubai, as well as OKX’s dedication to regulatory compliance. VARA has given OKX Middle East Fintech FZE, a Dubai subsidiary of OKX, a VASP license for VA Exchange Services.
Strategic Expansion
Notably, OKX is now able to provide a variety of regulated virtual asset exchange services, including as spot and fiat trading, AED deposits and withdrawals, and spot trading pairs, thanks to the license, which is not active at the moment.
The release states that once the license is active, the OKX App and OKX.com Exchange will make all of these services available to retail and institutional customers.
Rifad Mahasneh, OKX’s MENA General Manager, has spoken highly of the Dubai VASP license and its revolutionary potential, highlighting the license’s impact on the development of digital assets and financial markets going forward. Furthermore, he applauds VARA and Dubai for their innovative approach to fostering the expansion of VASPs.
At the same time, OKX Global Head of Government Relations Tim Byun praised Dubai and VARA for their regulatory leadership in developing a thorough framework for Web3 and virtual assets. The VASP license allows OKX to transition from a trust-based system to a trustless one, giving consumers greater autonomy over their own financial choices.
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