Cryptocurrency exchange OKX announced that it has been granted a Virtual Asset Service Provider (VASP) license by the Dubai Virtual Asset Regulatory Authority (VARA) to provide virtual asset exchange services.
Rifad Mahasneh, CEO of OKX in the MENA region, confirmed the receipt of the license but added that the license is not yet valid and will only become effective once the company has fulfilled the remaining conditions, undergone re-inspection, and received regulatory approval.
"While the license is not yet effective, this achievement is a significant milestone, a testament to the hard work and dedication of our team, and a reflection of Dubai's forward-thinking approach to virtual assets and Web3 technology," said Mahasneh.
With its VASP license, OKX Middle East, the Dubai-based subsidiary of OKX, will be able to offer regulated virtual asset exchange services to its retail and institutional users, including spot and fiat trading services, AED deposits and withdrawals, and spot trading pairs, according to the cryptocurrency exchange's website. These services will be available through the OKX app and the OKX.com exchange.
"Our commitment to OKX is unwavering when it comes to upholding sound investor and market protection principles. By trading on a regulated platform under the supervision of VARA in Dubai, our users will receive an enhanced level of consumer protection. This is critical at a time when trust and security are paramount," said OKX in a statement.
OKX believes that the MENA region has huge potential to become a leading center for the development of web3 and virtual assets, with Dubai playing a key role.
"The future of digital assets and capital markets is in the hands of regulated organizations, and Dubai, together with VARA, has managed to create a special environment that promotes virtual asset service providers. The MENA region has tremendous potential to become a center of excellence for Web3 and virtual assets. We look forward to further enhancing the already thriving ecosystem in the region," noted Mahasneh.
"The UAE is an important market for us, and we look forward to building strong relationships and contributing to the development of the crypto and Web3 ecosystems. Let's embark on this journey together towards a more inclusive and powerful future for digital assets," said OKX.
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