Cryptocurrency Exchange OKX Secures VASP License from VARA, Opens Retail and Institutional Trading – Fintech News Europe

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OKX Secures VASP License in Dubai, Bolstering Global Expansion Efforts

Dubai, UAE – OKX, one of the world’s leading cryptocurrency exchanges, has been granted a Virtual Asset Service Provider (VASP) license by the Dubai Virtual Assets Regulatory Authority (VARA), marking a key milestone in the company’s global growth strategy. This move positions OKX to offer regulated virtual asset services, including spot trading and spot-pair offerings, to institutional and qualified retail customers across the Middle East.

While the license is currently non-operational, OKX is expected to fulfill specific conditions and localization requirements set by VARA before fully launching its services in the region.

Rifad Mahasneh, General Manager for OKX MENA, expressed excitement about the region’s potential to become a global hub for Web3 and crypto innovation. “We eagerly anticipate the opportunity to contribute to the flourishing ecosystem throughout the region,” Mahasneh said.

Tim Byun, Global Head of Government Relations at OKX, praised Dubai’s progressive approach to crypto regulation, stating, “Dubai and VARA are world leaders in crypto regulation, establishing the most timely, comprehensive, and ground-up framework for virtual assets and Web3.”

Dubai’s favorable regulatory environment has increasingly attracted major crypto firms. In recent months, companies such as Crypto.com, Hex Trust, and Nomura’s crypto division, Laser Digital, have also secured VASP licenses in the city, reinforcing Dubai’s status as a burgeoning crypto-friendly jurisdiction.

OKX’s expansion into Dubai is part of its broader commitment to providing a secure, compliant trading environment. The exchange’s pursuit of licenses and regulatory approvals worldwide underscores its dedication to meeting local regulatory standards and ensuring a trusted experience for its users.

About OKX:
OKX is a leading global cryptocurrency exchange known for its cutting-edge technology and wide range of digital asset offerings. The exchange is committed to maintaining the highest standards of security and compliance, continually seeking to expand its footprint in new and emerging markets.

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