Global cryptocurrency exchange OKX has attained a significant milestone by acquiring a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA).
In an official statement, Rifad Mahasneh, General Manager of OKX MENA, hailed the license as a game-changing achievement for the exchange. It also demonstrates Dubai’s progressive approach towards regulating virtual assets and Web3 technologies.
Upon receiving operational approval, the VASP license will enable OKX Middle East to offer regulated virtual asset exchange services. These include spot and fiat trading, AED deposits/withdrawals, and spot trading pairs for both retail and institutional investors via the OKX platform.
Mahasneh stressed OKX’s commitment to robust investor protections and market integrity. Trading under VARA’s supervision will enhance consumer security and address vital trust issues plaguing the crypto industry.
Through pioneering regulations and establishing VARA, Dubai has fostered an environment conducive to the growth of Virtual Asset Service Providers (VASPs). The MENA region is gearing up to become a global hub for Web3 and virtual assets, with OKX aiming to play a pivotal role.
The VASP license signals the beginning of a new era where digital assets not only coexist within finance but shape its future. Mahasneh expressed gratitude to Dubai and VARA for spearheading crypto regulations and positioning OKX at the forefront of the emerging trustless economy.
As a key market, the UAE holds strategic significance for OKX. Mahasneh looks forward to developing strong local relationships and contributing to the development of the regional crypto and Web3 ecosystem.
Mahasneh concluded by inviting stakeholders to expect further updates as OKX continues innovating and leading in the dynamic crypto space. Meanwhile, Dubai persists in its innovative strides across the Middle East.
