OKX, a prominent cryptocurrency exchange, has secured a virtual asset service provider (VASP) license in Dubai, marking a significant milestone in its global expansion.
Granted by the Dubai Virtual Assets Regulatory Authority (VARA), the license will enable OKX Middle East to offer regulated virtual asset activities, including spot trading and spot-pairs, to institutional and qualified retail customers. However, the license remains non-operational until OKX meets specific conditions and localization requirements.
Rifad Mahasneh, general manager for OKX’s MENA region, expressed enthusiasm about the region’s potential as a Web3 and crypto hub. He said, “We eagerly anticipate the chance to contribute to the flourishing ecosystem throughout the region.”
OKX Global Head of Government Relations, Tim Byun, said that “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.”
Dubai’s emergence as a crypto-friendly jurisdiction has attracted numerous crypto firms, including Crypto.com, Hex Trust, and Nomura’s crypto arm Laser Digital, which have all obtained VASP licenses in recent months.
OKX’s expansion into Dubai underscores its commitment to providing users with a secure and compliant trading environment. The exchange’s pursuit of licenses and approvals in various jurisdictions demonstrates its dedication to adhering to local regulations.
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