OKX Obtains VASP License in Dubai
OKX Middle East Fintech FZE, a subsidiary of OKX, has acquired a virtual asset service provider (VASP) license in Dubai, marking another milestone in the exchange’s global expansion.
The VASP license, granted by the Dubai Virtual Assets Regulatory Authority, is currently non-operational until certain conditions and localization requirements are met. However, once operational, it will enable OKX Middle East to offer regulated virtual asset activities and spot services to institutional and qualified retail customers.
Rifad Mahasneh, the general manager for the MENA region of OKX, expressed excitement about the region’s potential to become a hub for Web3 and cryptocurrency. The company looks forward to contributing to the already thriving ecosystem in the area.
Dubai’s Attraction for Crypto Firms
Dubai has emerged as an attractive destination for crypto companies. In November 2023, Crypto.com and Hex Trust both obtained VASP licenses from VARA. Additionally, Nomura’s crypto arm Laser Digital received operating license approval in Dubai back in August.
Hot Take: Expanding Opportunities for OKX in Dubai
By obtaining a VASP license in Dubai, OKX has positioned itself to tap into the growing crypto market in the region. With this license, OKX Middle East can offer spot services and expand its suite of regulated virtual asset activities to institutional and qualified retail customers. This move reflects Dubai’s increasing prominence as a hub for cryptocurrency businesses and highlights the potential for further growth and development in the local ecosystem. OKX is poised to take advantage of these opportunities and contribute to the flourishing crypto landscape in Dubai.
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