OKX Middle East Fintech FZE, the Dubai-based branch of OKX, a prominent cryptocurrency exchange and Web3 technology firm, announced today that it has been granted a Virtual Asset Service Provider (VASP) license by the Dubai Virtual Assets Regulatory Authority (VARA) for VA Exchange Services.
However, the license is inactive and will only become operational once the company fulfills all remaining conditions and localization requirements specified by VARA. After meeting these criteria and obtaining regulatory re-verification and approval, OKX Middle East can initiate its operations.
Once operational, the VASP license will enable OKX Middle East to expand its duly regulated virtual assets activities, providing spot services and spot pairs to institutional and qualified retail customers through the OKX App and OKX.com exchange.
Rifad Mahasneh, OKX General Manager for the MENA Region, said, “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.”
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