OKX Obtains Conditional Crypto License To Operate In Dubai
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OKX Obtains Conditional VASP License To Operate In Dubai

Crypto exchange OKX’s Dubai subsidiary received a virtual asset service provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA) for crypto exchange operation. 

While the company was awarded the license, OKX highlighted that it would remain “non-operational” until it could fulfill the regulator’s requirements.

See Also: OKX Announced Listing Of Two New Altcoins On Its Spot Trading Platform 

Rifad Mahasneh, OKX’s general manager for the Middle East and North Africa region, said that the company is working to complete the requirements and expects the license to be operational in a few months. 

Once operational, OKX Middle East will be allowed to offer regulated VASP services, including “spot and fiat trading services, AED deposits and withdrawals, and spot trading pairs.” Mahasneh explained that the services will be available to retail and institutional users. 

In March 2022, Sheikh Mohammed bin Rashid Al Maktoum, Dubai’s prime minister and ruler, approved a new virtual assets law, establishing a legal framework for crypto in Dubai. 

The ruler also appointed VARA to have enforcement powers in its special development and free zones, excluding the Dubai International Financial Centre. 

Mahasneh praised VARA’s license application process and said it was facilitated efficiently. According to the executive, the regulator demonstrated its effectiveness in regulating the local virtual assets sector. 

See Also: OKX Announced Plan To Delist DOME and FAME, Their Prices Began To Fall

Mahasneh also believes that the collaboration between OKX and VARA highlights the importance of well-defined regulations when promoting “responsible growth” within the crypto space.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.