OKX Middle East officially received VASP license from Dubai Virtual Asset Regulatory Authority

According to official news, crypto asset exchange and Web3 technology company OKX announced that OKX Middle East Affiliates (OKX Middle East) has officially obtained a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Asset Regulatory Authority (VARA). The license will become official after OKX Middle East meets all remaining conditions and specific localization requirements specified by VARA. At that time, OKX Middle East will officially launch operations after review and approval by regulatory agencies. Once operational, the VASP license will allow OKX Middle East to expand its approved range of regulated virtual asset activities and provide spot trading services to institutional and qualified retail customers through the OKX APP and OKX Exchange official website (OKX.com). OKX is committed to maintaining robust investor and market protection principles, and users will enjoy a higher level of protection by trading on the OKX Middle East platform regulated by Dubai VARA. Rifad Mahasneh, General Manager of OKX Middle East and North Africa, said: “The future of digital assets and capital markets lies in the hands of regulated entities, and Dubai, together with VARA, has successfully established a unique environment that promotes the development of virtual asset service providers. The Middle East and North Africa region has There is huge potential to become a center of excellence for Web3 and virtual assets. We eagerly look forward to further enhancing the prosperity of the ecosystem across the region.” Tim Byun, OKX’s head of global government relations, said: “Dubai and VARA have built the most timely and comprehensive virtual asset and Web3 regulatory framework from scratch and are a global leader. For OKX, obtaining the VASP license is crucial a step forward as we transition from a trust-based system to a trustless system and empower users to take control of their future assets. Dubai is one of the most important markets in the world and we are excited to build strong relationships with local users , and contribute to the growth of its encryption and Web3 ecosystem."