Leading global virtual asset exchange and Web3 technology company, OKX, announced today that its Middle East affiliate, OKX Middle East, has officially obtained a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Asset Regulatory Authority (VARA). The license will come into effect after OKX Middle East meets all remaining conditions and specific localization requirements specified by VARA. At that time, OKX Middle East will commence operations following regulatory review and approval.
OKX Middle East authorized to conduct approved activities
Once operational, the VASP license will allow OKX Middle East to expand its range of approved regulated virtual asset activities and provide spot trading services to institutional and qualified retail customers through the OKX app and OKX exchange website (OKX.com). OKX is committed to upholding robust investor and market protection principles, and users trading on the OKX Middle East platform regulated by VARA will benefit from a higher level of security.
Rifad Mahasneh, General Manager for OKX Middle East and North Africa, stated, “The future of virtual assets and capital markets lies in the hands of regulated companies, and Dubai, in conjunction with VARA, has successfully created a unique environment that fosters the development of virtual asset service providers. The Middle East and North Africa region has tremendous potential to become an outstanding Web3 and virtual asset hub. We eagerly anticipate further strengthening the prosperity and development of the entire regional ecosystem.”
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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, positioning themselves as global leaders. Obtaining the VASP license is a crucial step for OKX as we transition from a trust-based system to a trustless system, empowering users with control over their future assets. Dubai is one of the most important markets globally, and we are delighted to establish a strong relationship with local users and contribute to the development of their virtual asset and Web3 ecosystem.”
OKX
Middle East
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