OKX global cryptocurrency exchange announced it was able to secure a Virtual Asset Service Provider (VASP) license in Dubai. This means it can now legally offer its crypto services to clients nationwide.

As per Reuters, the Dubai Virtual Assets Regulatory Authority (VARA) handed the license to OKX for its virtual asset exchange services. Once the company officially starts operations, the crypto exchange firm will offer spot and spot-pairs services to eligible retail clients and institutional customers.

Strategic License Approval

OKX is considered one of the largest cryptocurrency exchanges in the world. On Tuesday, Jan. 16, it revealed its acquisition of a regulatory license, allowing it to operate in the Middle East. The region’s VARA issued the permit to OKX Middle East.

The regulator’s move to grant the license is strategic as the United Arab Emirates (UAE) seeks to become a global crypto sector hub. In fact, the VARA was created in March 2022 to manage the emerging virtual asset industry in the region.

Upcoming Operations in Dubai

Once it starts offering its services in Dubai, OKX Middle East’s VASP license will let it extend its approved set of regulated virtual assets activities via its App and OKX.com website. Meanwhile, the exchange is currently regulated in the Bahamas and does not accommodate customers from the U.S. at this time due to regulatory issues.

“The future of digital assets and capital markets lies in the hands of regulated entities, and Dubai, along with VARA, has succeeded in establishing a distinctive environment that fosters the growth of Virtual Asset Service Providers,” OKX’s general manager in the MENA region, Rifad Mahasneh, said in a press release. “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.”

Photo by: OKX Newsroom