In a strategic move to fortify its global presence, leading cryptocurrency exchange OKX has obtained a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). Meanwhile, this significant achievement reflects both OKX’s commitment to regulatory compliance and Dubai’s forward-thinking approach to virtual assets and Web3 technology.
OKX Secures VASP License In Dubai
OKX Middle East Fintech FZE, the Dubai subsidiary of OKX, shared the news of being granted a VASP license for VA Exchange Services by VARA. Notably, the license, although currently non-operational, positions OKX to offer a range of regulated virtual asset exchange services, including spot and fiat trading, AED deposits and withdrawals, and spot trading pairs.
Meanwhile, once the license becomes operational, all these services will be accessible to both retail and institutional users through the OKX App and OKX.com Exchange, according to the announcement report. Notably, OKX’s MENA General Manager, Rifad Mahasneh, lauds the transformative power of the VASP license in Dubai, emphasizing its role in shaping the future of digital assets and capital markets.
In addition, he commends Dubai and VARA for creating a unique environment that nurtures the growth of Virtual Asset Service Providers (VASPs).
Simultaneously, Tim Byun, OKX Global Head of Government Relations, highlighted the regulatory leadership of Dubai and VARA in crafting a comprehensive framework for virtual assets and Web3. By securing the VASP license, OKX moves from a trust-based system to one that is trustless, empowering users to take control of their financial future.
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What’s Next?
Rifad Mahasneh has shared a letter for the users, which has highlighted the company’s optimism over securing the license from the Dubai regulators. In addition, the letter to the Dubai community also underlines the importance of this achievement.
Meanwhile, the VASP license positions OKX as a crucial player in the burgeoning cryptocurrency and Web3 ecosystem in the MENA region, with a commitment to robust investor and market safeguard principles.
As the UAE emerges as a pivotal market for the crypto exchange, the company looks forward to building strong relationships within the region. notably, the letter concludes with a call to embark on a journey towards a more inclusive and empowered digital asset future.
Meanwhile, this regulatory milestone not only marks OKX’s leap into a new era but also signals the beginning of Dubai’s potential to become a hub of excellence for Web3 and virtual assets. The letter also suggested that users anticipate some more updates in the coming days as OKX continues to innovate and lead in this dynamic space.
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