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License is non-operational and remains subject to fulfilment of specific conditions and qualifying for operational approval.
DUBAI, UAE, Jan. 16, 2024 /PRNewswire/ -- OKX Middle East Fintech FZE, the Dubai subsidiary of OKX, a leading cryptocurrency exchange and Web3 technology company, today announced that it has received a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA) for VA Exchange Services. The license remains non-operational until the company fully satisfies all remaining conditions and select localisation requirements defined by VARA, following which it will be able to commence operations, subject to regulatory reverification and approval.
Once operational, the VASP license will allow OKX Middle East to extend its approved suite of duly regulated virtual assets activities and to provide spot services and spot-pairs, to institutional and qualified retail customers via the OKX App and OKX.com exchange.
OKX is dedicated to upholding robust investor and market safeguard principles. By trading on a regulated platform under VARA's supervision in Dubai, users will enjoy enhanced levels of consumer protection.
Rifad Mahasneh, OKX General Manager for the MENA Region, said: "The future of digital assets and capital markets lies in the hands of regulated entities, and Dubai, along with VARA, has succeeded in establishing a distinctive environment that fosters the growth of Virtual Asset Service Providers. The MENA region holds immense potential to become a hub of excellence for Web3 and virtual assets. We eagerly anticipate the chance to further enhance the already flourishing ecosystem throughout the region."
Tim Byun, OKX Global Head of Government Relations, said: "Dubai and VARA are world leaders in crypto regulation by establishing the most timely, comprehensive and built from-the-ground-up framework for virtual assets and Web3. This license was a crucial step for OKX as we move from a trust-based system to one that is trustless and empowers users to take control of their financial future. Dubai is an important market for us, and we're excited to build strong relationships with our users and contribute to the development of its crypto and Web3 ecosystem."
For more information on OKX, please visit OKX.com
About OKX
OKX is a leading global crypto exchange and innovative Web3 company. Trusted by more than 50 million global users, OKX is known for being one of the fastest and most reliable crypto apps in the world.
As a top partner of English Premier League champions Manchester City FC, McLaren Formula 1, Olympian Scotty James, and F1 driver Daniel Ricciardo, OKX aims to supercharge the fan experience with new engagement opportunities. OKX is also the top partner of the Tribeca Festival as part of an initiative to bring more creators into web3.
OKX is committed to transparency and security and publishes its Proof of Reserves on a monthly basis.
To learn more about OKX, download our app or visit: okx.com
About VARA
Established in March 2022, following the effect of Law No.4 of 2022, VARA is the competent entity in charge of regulating, supervising, and overseeing VAs and VA Activities in all zones across the Emirate of Dubai, including Special Development Zones and Free Zones but excluding the Dubai International Financial Centre. VARA plays a central role in creating Dubai's advanced legal framework to protect investors and establish international standards for Virtual Asset industry governance, while supporting the vision for a borderless economy.
For more information visit: www.vara.ae
This announcement is provided for informational purposes only. It is not intended to provide any investment, tax, or legal advice, nor should it be considered an offer to purchase, sell, or hold virtual assets. Virtual assets, including stablecoins, involve a high degree of risk, can fluctuate greatly, and can even become worthless. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/tax/investment professional for questions about your specific circumstances.
