OKX Secures VASP License in Dubai, Signals Game-Changing Shift

OKX achieves VASP license from Dubai’s VARA, signaling a pivotal shift.
OKX’s VASP license in Dubai transforms the crypto landscape, ensuring regulated services.
The Gneral Manager of OKX MENA expresses gratitude for Dubai’s crypto regulation leadership.

OKX, a global crypto exchange, has achieved a significant milestone with the acquisition of a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA).

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In an official press release, Rifad Mahasneh, General Manager of OKX MENA, hails this achievement as a game-changer for OKX and a testament to Dubai’s forward-thinking stance on virtual assets and Web3 technology.

While the license is pending operational approval, once granted, it will enable OKX Middle East to provide regulated virtual asset exchange services. These services include spot and fiat trading, AED deposits and withdrawals, and spot trading pairs, catering to both retail and institutional users through the OKX App and OKX.com Exchange.

Mahasneh emphasizes OKX’s commitment to robust investor protection and market safeguards. Trading on a VARA-supervised platform ensures enhanced consumer protection, addressing vital concerns of trust and security in the crypto landscape.

Dubai, in collaboration with VARA, has created a conducive environment for the growth of Virtual Asset Service Providers (VASPs). The MENA region is poised to become a hub for Web3 and virtual assets, with OKX keen on playing a pivotal role in this evolution.

The VASP license marks the beginning of a new era, where digital assets not only coexist with the financial landscape but play a central role in shaping its future. Mahasneh expresses gratitude to Dubai and VARA for their leadership in crypto regulation, positioning OKX at the forefront of the trustless financial future.

As an essential market, the UAE holds strategic importance for OKX, and Mahasneh looks forward to building strong relationships and contributing to the development of the local crypto and Web3 ecosystem.

The announcement concludes with Mahasneh inviting stakeholders to stay tuned for further updates as OKX continues to innovate and lead in this dynamic space. Dubai, as always, continues to make innovative strides in the Middle East.

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Lauren Cole

A focused and vigilant storyteller for all things blockchain and cryptocurrency. Besides consuming every piece of literature about the metaverse, she can often be found at industry convections looking for the latest scoop.