Crypto Exchange OKX Receives VASP License in Dubai

Table of Contents

Crypto exchange OKX’s local subsidiary said it obtained a Virtual Asset Service Provider (VASP) license in Dubai. The exchange will offer spot trading pairs when the license becomes operational. 

Crypto exchange OKX announced that Dubai's VARA awarded its Dubai subsidiary, OKX Middle East Fintech FZE, a VASP license. 

OKX Middle East Gets Regulatory Nod

OKX announced its Middle Eastern subsidiary received a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). The company announced that 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 exchange explained that the VASP license will allow it to offer retail clients a wide range of digital asset services.

“Once 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.” 

OKX Middle East previously received a Minimal Viable Product (MVP) Preparatory license from Dubai’s VARA. 

Dubai Has the Environment to Foster the Growth of Digital Asset Providers

Rifad Mahasneh, OKX General Manager for the MENA Region, commented on the license approval and explained why the Middle East is an ideal space to grow the industry.

“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. 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,” Mahasneh said. 

Tim Byun, OKX Global Head of Government Relations, added:

“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. 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.”

The approval of OKX’s Dubai license comes at a fortuitous time, considering Apple removed OKX and several other crypto exchanges from its App Store in India. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

I am involved in a variety of different fields including social media marketing, cryptocurrencies, the fashion industry, and psychological research. I have completed an undergraduate degree in Industrial Sociology and Labour Studies, majoring in Sociology, Anthropology, and Psychology, and a postgraduate degree in Applied Psychology for Professional Contexts. My passions lie in cooking, cryptocurrencies, studying human behaviour, teaching English as a foreign language, and researching digital consumer psychology.