OKX, a crypto exchange, has received a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA) for its subsidiary OKX Middle East Fintech FZE. This license will allow OKX to provide regulated virtual asset services and products, including spot trading pairs, to institutional and qualified retail customers.
However, the VASP license is currently non-operational as OKX works towards fulfilling all remaining conditions and localisation requirements set by VARA. Once these requirements are met, the exchange will commence its operations.
Tim Byun, OKX’s global head of government relations, sees this license as a crucial step towards a trustless system that empowers users to take control of their financial future. He also notes that Dubai is an important market for OKX and they are excited to contribute to its crypto and Web3 ecosystem.
Rifad Mahasneh, General Manager at OKX MENA, believes that the VASP license will be a game-changer for the exchange. Once it becomes operational, it will offer regulated virtual asset exchange services such as spot and fiat trading, AED deposits and withdrawals, and spot trading-pairs to both retail and institutional users in the market.
In addition to its expansion efforts in Dubai, OKX has also applied for registration as a Digital Asset Service Provider (DASP) in France and plans to open an office in Türkiye. The exchange has also recently appointed Guilherme Sacamone as the General Manager for OKX in Brazil.
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