NewsFlash Articles Data Fundraising BlockBeats Pro

OKX Middle East has officially been granted a VASP license by the Dubai Virtual Asset Regulatory Authority.

Read this article in 3 Minutes

The world's leading cryptocurrency exchange and Web3 technology company, OKX, announced that its Middle East affiliate, OKX Middle East, has officially been granted a Virtual Asset Service Provider (VASP) license by the Dubai Virtual Asset Regulatory Auth

The content you provided is:

Source: OKX

On January 16th, OKX, a leading global cryptocurrency trading platform and Web3 technology company, announced that its Middle East affiliate, OKX Middle East, has officially been granted a Virtual Asset Service Provider (VASP) license by the Dubai Virtual Asset Regulatory Authority (VARA). Once OKX Middle East meets all remaining conditions and specific localization requirements stipulated by VARA, the license will become effective. After regulatory review and approval, OKX Middle East will officially launch its operations.

Once operational, the VASP license will allow OKX Middle East to expand its approved range of regulated virtual asset activities and provide spot trading services to institutional and qualified retail clients through the OKX APP and OKX trading platform website (OKX.com). OKX is committed to maintaining sound investor and market protection principles, and users trading on the OKX Middle East platform regulated by VARA in Dubai will enjoy a higher level of protection.

OKX Middle East and North Africa General Manager Rifad Mahasneh said: "The future of digital assets and capital markets lies in the hands of regulated entities. Dubai has successfully partnered with VARA to create a unique environment that promotes the development of virtual asset service providers. The Middle East and North Africa region has huge potential to become a center of excellence for Web3 and virtual assets. We look forward to further strengthening the prosperity and development of the entire regional ecosystem."

OKX's global government relations leader, Tim Byun, said: "Dubai and VARA have built the most timely and comprehensive virtual asset and Web3 regulatory framework from scratch, leading the world. For OKX, obtaining a VASP license is a crucial step as we transition from a trust-based system to a trustless system, giving users the right to control their future assets. Dubai is one of the most important markets in the world, and we are pleased to establish a strong relationship with local users and contribute to the development of their cryptocurrency and Web3 ecosystems."