OKX Obtains Virtual Asset Service Provider License in Dubai

Table of Contents

• What the License Entails
• Commitment to Transparency and Compliance
• Part of Global Growth Strategy

Crypto exchange OKX has been granted a Virtual Asset Service Provider (VASP) license by the Virtual Asset Regulatory Authority (VARA) of Dubai to offer virtual asset services to customers in the emirate.

What the License Entails

The VASP license allows OKX to expand its operations and provide crypto services in the Middle East and North Africa (MENA) region, with Dubai as a base. However, the license is currently non-operational until OKX meets certain localization requirements set by VARA.

OKX is working to satisfy these conditions to obtain operational approval in the coming months. Once active, OKX plans to offer spot trading pairs, target retail and institutional investors through the OKX App and website.

Commitment to Transparency and Compliance

OKX commits to transparency, user protection and compliance with VARA’s market safety principles once the license is operational.

Tim Byun, OKX’s head of government relations, highlighted Dubai’s pioneering status in digital asset regulation and the importance of the license in moving towards a trustless system (https://t.co/cOT8yzEPB3).

Part of Global Growth Strategy

The expansion into Dubai is part of OKX’s overall growth strategy, though the exchange does not operate in the United States due to regulatory issues.

OKX views Dubai’s progressive approach to virtual asset regulation positively and sees the region becoming a hub for Web3 excellence.

For more details, see OKX’s official announcement here.

Follow @RifadM on Twitter for more crypto news from the MENA region.

The post OKX Obtains Virtual Asset Service Provider License in Dubai appeared first on Althalla.