Cryptocurrency exchange OKX announced on Tuesday (16th) that its subsidiary, OKX Middle East Fintech FZE, based in Dubai, has been granted a Virtual Asset Service Provider (VASP) license by the Dubai Virtual Asset Regulatory Authority (VARA), allowing the company to offer virtual asset trading services locally.
OKX stated that the license is currently non-operational until specific conditions and localization requirements are fully met. Once operational, the VASP license “will allow OKX Middle East to expand its approved range of regulated virtual asset activities and provide spot services and spot trading pairs to institutional and eligible retail customers.”
Rifad Mahasneh, General Manager for OKX Middle East and North Africa, expressed in a statement that the region has significant potential to become a center for Web3 and cryptocurrency, stating, “We look forward to the opportunity to further enhance the thriving ecosystem in the entire region.”
Dubai has attracted many cryptocurrency companies to establish a presence in the region. In November 2023, both Crypto.com and Hex Trust were granted VASP licenses by VARA, and in August last year, Laser Digital, a digital asset investment company under Japanese financial services giant Nomura Holdings, also obtained operational approval in Dubai.
Source: [source]