OKX Middle East Secures VASP Licence from Dubai’s VARA

OKX Middle East Fintech FZE, the Dubai subsidiary of OKX, a leading cryptocurrency exchange and Web3 technology company, on Tuesday said that it has received a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA) for Virtual Assets Exchange Services.

Of the 16 companies that have applied for licence to carry out crypto services, 12 including OKX Middle East, which has applied for a licence last month, have been approved so far. VARA suspended the licence of Bitoasis while three other applications are pending.

OKX is the second-largest crypto exchange by trading volume and a leading Web3 technology company globally and OKX Middle East Fintech FZE has already received a Minimal Viable Product (MVP) Preparatory license from the Dubai Virtual Assets Regulatory Authority (VARA) in June last year.

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.

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 is dedicated to upholding robust investor and market safeguard principles. By trading on a regulated platform under VARA’s supervision in Dubai, users will enjoy enhanced levels of consumer protection.

MENA Holds Potential

Rifad Mahasneh, OKX General Manager for the MENA region, said that 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 VASPs.

 “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,” he explained.

Tim Byun, OKX Global Head of Government Relations, said that Dubai and VARA have been 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 is 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,” Byun added.

OKX is a leading global crypto exchange and innovative Web3 company which is trusted by more than 50 million global users, OKX is known for being one of the fastest and most reliable crypto apps in the world.

As a top partner of English Premier League champions Manchester City FC, McLaren Formula 1, Olympian Scotty James, and F1 driver Daniel Ricciardo, OKX aims to supercharge the fan experience with new engagement opportunities. OKX is also the top partner of the Tribeca Festival as part of an initiative to bring more creators into web3.