OKX Middle East Obtains VASP License in Dubai
OKX Middle East Fintech FZE, the Dubai subsidiary of crypto exchange OKX, has been granted a Virtual Asset Service Provider (VASP) license by Dubai’s VARA. Once operational, the license will allow OKX Middle East to offer spot trading pairs to institutional and retail customers through the OKX App and OKX.com exchange. The exchange must meet all conditions and localization requirements defined by VARA before it can commence operations.
Dubai’s Favorable Environment for Digital Asset Providers
Rifad Mahasneh, OKX General Manager for the MENA Region, emphasized Dubai’s role in fostering the growth of Virtual Asset Service Providers. The MENA region holds significant potential to become a hub for web3 and virtual assets. OKX Global Head of Government Relations, Tim Byun, praised Dubai and VARA for establishing a comprehensive regulatory framework for crypto and web3. He sees the VASP license as a crucial step in empowering users to take control of their financial future.
Hot Take: OKX Middle East Secures VASP License in Dubai
OKX Middle East, the subsidiary of crypto exchange OKX, has obtained a VASP license from Dubai’s VARA. This license will enable OKX Middle East to offer spot trading pairs to institutional and retail customers, further contributing to Dubai’s flourishing crypto and web3 ecosystem. The approval of this license comes at an opportune time for OKX, considering recent restrictions placed on crypto exchanges in India. This development highlights Dubai’s commitment to becoming a leading regulatory authority in the crypto industry.
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