OKX Cryptocurrency Exchange announced today that OKX Middle East affiliate has officially been issued a virtual asset service provider license by the Dubai Virtual Asset Regulatory Authority.
OKX pointed out that once all conditions and localization requirements listed in VARA are met, the license will officially take effect in OKX Middle East. OKX Middle East will begin operations following regulatory review and approval.
Once operational, the VASP license will allow OKX Middle East to expand its approved regulated virtual asset activities and provide spot trading services to qualified institutional and retail customers through the OKX APP and OKX Exchange official website.
OKX is committed to the principles of protecting investors and the market. Users who trade on the OKX Middle East platform are supervised by Dubai VARA and can obtain a higher level of protection.
OKX Middle East and North Africa general manager Rifad Mahasneh said regulated companies will dominate the future of virtual assets and capital markets. Dubai and VARA have been successful in establishing a unique environment that promotes the development of virtual asset service providers. The MENA region has huge potential to become a center of excellence for Web3 and virtual assets. We look forward to further strengthening the prosperity of the entire regional ecosystem.
Tim Byun, head of global government relations at OKX, said that Dubai and VARA have built the world's leading virtual asset and Web3 regulatory framework, which is an important milestone for OKX. Obtaining a VASP license is crucial for OKX as they are moving from a trust-based system to a trustless system, giving users control over their future assets. As one of the most important markets in the world, OKX is pleased to establish close cooperation with local users and contribute to the development of virtual assets and Web3 ecosystem.
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