OKX Middle East officially receives VASP license from Dubai Virtual Assets Regulatory Authority
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OKX Middle East officially receives VASP license from Dubai Virtual Assets Regulatory Authority
Once operational, the VASP license will allow OKX Middle East to expand its approved range of regulated virtual asset activities.
Navigating Web3 tides with focused insightsOn January 16, OKX, a leading global cryptocurrency exchange and Web3 technology company, announced that its Middle East affiliate (OKX Middle East) has officially received the Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). The license will become effective once OKX Middle East meets all remaining conditions and specific localization requirements set by VARA. Upon regulatory review and approval, OKX Middle East will officially commence operations.
Once operational, the VASP license will allow OKX Middle East to expand its approved range of regulated virtual asset activities and offer spot trading services to institutional and qualified retail clients through the OKX app and OKX.com. Committed to robust investor and market protection principles, users trading on the VARA-regulated OKX Middle East platform will benefit from an enhanced level of security.
Rifad Mahasneh, General Manager for the Middle East and North Africa at OKX, said: “The future of digital assets and capital markets lies in the hands of regulated entities. Dubai, together with VARA, has successfully established a unique environment that fosters the growth of virtual asset service providers. The MENA region holds immense potential to become a center of excellence for Web3 and virtual assets. We look forward to further strengthening the prosperity of the regional ecosystem.”
Tim Byun, Head of Global Government Relations at OKX, said: “Dubai and VARA have built one of the most timely and comprehensive virtual asset and Web3 regulatory frameworks from the ground up, placing them at the forefront globally. For OKX, obtaining the VASP license is a crucial step as we transition from trust-based systems to trustless ones, empowering users to take control of their own digital futures. Dubai is one of the world’s most important markets, and we are excited to build strong relationships with local users and contribute to the development of their crypto and Web3 ecosystems.”
About OKX
OKX is a global cryptocurrency exchange and innovative Web3 technology company trusted by over 50 million users worldwide, renowned for offering the fastest and most reliable crypto trading app. As the principal partner of Premier League champions Manchester City F.C., McLaren F1 Team, Olympic snowboarder Scotty James, and Formula 1 driver Daniel Ricciardo, OKX aims to enhance fan experiences through new interactive formats. Additionally, OKX is a top-tier partner of the Tribeca Festival, working to bring more creators into the Web3 space. Committed to transparency and security, OKX regularly publishes proof-of-reserves reports monthly. To learn more about OKX, download the app or visit: okx.com
About the Dubai Virtual Assets Regulatory Authority (VARA)
Established in March 2022, the Dubai Virtual Assets Regulatory Authority (VARA) is the world’s first dedicated regulator for the virtual asset industry. It oversees and regulates virtual asset-related activities across Dubai, including special development zones and free zones (excluding the Dubai International Financial Centre). Aligned with the vision of a borderless economy, VARA plays a central role in developing advanced legal frameworks to protect investors and establishing international regulatory standards for the virtual asset sector. For more information, visit: www.vara.ae
Disclaimer
This announcement is for informational purposes only and does not constitute investment, tax, or legal advice, nor should it be construed as an offer to buy, sell, or hold digital assets. Digital assets, including stablecoins, carry high risks and significant market volatility; you may lose your entire investment. You should carefully consider whether trading or holding digital assets is suitable for you based on your financial situation and risk tolerance. If you have any questions regarding your specific circumstances, please consult your legal, tax, or investment advisor.
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