OKX in the Middle East Receives Official VASP License from Dubai Virtual Asset Regulatory Authority
OKX, a leading global virtual asset exchange and Web3 technology company, announced today that its subsidiary, OKX Middle East (OKX ME), has officially been awarded a Virtual Asset Service Provider (VASP) license by the Dubai Virtual Asset Regulatory Authority (VARA). The license will become effective once OKX ME has fulfilled all remaining conditions and specific localization requirements stipulated by VARA. After regulatory review and approval, OKX ME will commence operations.
OKX ME to Operate Approved Activities
Upon commencement of operations, the VASP license will allow OKX ME to expand its range of approved regulated virtual asset activities and provide spot trading services to institutional and eligible retail customers through the OKX app and the official OKX exchange website (OKX.com). OKX is committed to maintaining robust investor and market protection principles, and users trading on the OKX ME platform regulated by VARA will benefit from a higher level of security.
Rifad Mahasneh, General Manager of OKX Middle East and North Africa, stated, “The future of virtual assets and capital markets lies in the hands of regulated companies, and Dubai and VARA have successfully established a unique environment that facilitates the development of virtual asset service providers. The Middle East and North Africa region has immense potential to become an outstanding Web3 and virtual asset hub. We eagerly look forward to further enhancing the prosperity and development of the entire regional ecosystem.”
Tim Byun, Global Head of Government Relations at OKX, said, “Dubai and VARA have built the most timely and comprehensive regulatory framework for virtual assets and Web3 from scratch, placing them at the forefront globally. Obtaining the VASP license is a crucial step for OKX as we transition from a trust-based system to a trustless system, empowering users to have control over their future assets. Dubai is one of the most significant markets globally, and we are excited to build strong relationships with local users and contribute to the development of their virtual asset and Web3 ecosystem.”
OKX
Middle East
