OKX Receives Regulatory Approval for Retail Virtual Asset Services in Dubai
Cryptocurrency exchange OKX has obtained regulatory approval from Dubai’s financial authorities to offer retail virtual asset services to customers. The company’s Dubai subsidiary has been granted a virtual asset service provider license (VASP) from Dubai’s Virtual Asset Regulatory Authority (VARA), allowing it to expand its range of services.
Reshaping Cryptocurrency Services in the Region
OKX aims to reshape cryptocurrency services in Dubai and the wider Middle East and North Africa (MENA) region. The VASP license is currently non-operational until the exchange fulfills certain requirements set by the regulator for operational approval. OKX is working to meet these conditions and expects completion in the coming months.
Diversified Services for Retail and Institutional Investors
The license will enable OKX to provide various services in Dubai, including spot pairs for retail investors and targeted offerings for larger institutional investors through the OKX App and website. The company emphasizes full transparency and user protection in accordance with VARA’s guidance.
Dubai’s Potential as a Web3 Hub
Rifad Mahasneh, General Manager of OKX in the Middle East and North African region, believes that MENA has the potential to become a hub of excellence for Web3, creating multiple industry hubs. Tim Byun, Head of Government Relations at OKX, praises Dubai’s digital asset regulation framework, which establishes a standard framework for startups and investors.
Hot Take: OKX Expands Presence in Dubai with Regulatory Approval
Cryptocurrency exchange OKX has received regulatory approval from Dubai’s financial authorities to offer retail virtual asset services in the region. With its newly obtained virtual asset service provider license (VASP), OKX aims to reshape the cryptocurrency landscape in Dubai and the wider MENA region. The license will enable the exchange to provide diversified services to both retail and institutional investors, while prioritizing transparency and user protection. This move highlights Dubai’s position as a leader in digital asset regulation and its commitment to fostering the growth of the crypto and Web3 ecosystem. OKX sees great potential in Dubai’s market and looks forward to building strong relationships with users in the region.
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