OKX ME Fintech FZE Granted VASP License by Dubai’s VARA
When it is operational, OKX Middle East will be able to provide regulated virtual asset exchange services.
OKX, one of the world's largest cryptocurrency exchanges, has secured a virtual asset service provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA).[1]
When it is operational, OKX Middle East will be able to provide regulated virtual asset exchange services, including spot and fiat trading, AED deposits and withdrawals, and spot trading pairs, thanks to the VASP Licence.
VARA was formed in March 2022 to regulate the emerging virtual asset sector in Dubai.
One of the UAE's most well-known emirates for supporting service-based businesses, Dubai, simplified the regulations governing cryptocurrencies with a framework last year and set up a different regulatory organization, VARA, to regulate the industry.[2]
Many well-known brands choose to establish their presence in Dubai as a result of the city's push for cryptocurrency regulation.
Only a handful of companies to receive cryptocurrency licenses from Dubai's government are Crypto.com, Ripple, Binance, and Bybit.