OKX Granted Conditional Approval in Dubai

OKX, a leading digital asset trading platform, has secured a conditional license, or Virtual Asset Service Provider (VASP) license, from the crypto regulator in Dubai, the Virtual Assets Regulatory Authority (VARA). 

As per the official statement, the exchange’s Dubai subsidiary, OKX Middle East Fintech FZE, has been granted approval for providing “VA Exchange Services” in the region. 

OKX Expands in the Middle East

According to the firm’s statement, the license will remain “non-operational until the company fully satisfies all remaining conditions and select localisation requirements defined by VARA, following which it will be able to commence operations, subject to regulatory reverification and approval.”

“Once operational, the VASP license will allow OKX Middle East to extend its approved suite of duly regulated virtual assets activities and to provide spot services and spot-pairs to institutional and qualified retail customers via the OKX App and OKX.com exchange,” read the release.

OKX to Adhere to Policies

OKX said in the release that it will adhere to the policies of the region, “upholding robust investor and market safeguard principles.” The exchange noted that, under the supervision of VARA, investors in Dubai will have access to “enhanced levels of consumer protection.”

MENA Region has Immense Potential 

According to Rifad Mahasneh, the firm’s General Manager for the MENA Region, “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,” Mahasneh noted. 

Tim Byun, OKX Global Head of Government Relations, also noted that VARA and Dubai have become the leaders in digital asset innovation after building a promising regulatory framework from the ground up.

Expansion Policies

In order to expand its services, the exchange has adopted strict policies in the United Kingdom, announcing changes in the KYC and AML onboarding procedures. 

The exchange also has plans to establish services in Australia and aims to become the world’s largest crypto exchange.