OKX Middle East Obtains VASP License in Dubai

OKX, the second-largest crypto exchange by trading volume and a leading Web3 technology company, today announced that its subsidiary in the Middle East, OKX Middle East Fintech FZE (OKX Middle East), has been granted a Virtual Asset Service Provider (VASP) license by the Dubai Virtual Assets Regulatory Authority (VARA).

Until the company fulfills all the remaining conditions and localization requirements specified by VARA, the license will not be activated. Once these requirements are successfully met, the subsidiary will be eligible to initiate its operations, subject to re-verification and approval by the regulatory authority.

"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," said Rifad Mahasneh, General Manager for the MENA Region at OKX. "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."

"Dubai and VARA are world leaders in crypto regulation by establishing the most timely, comprehensive and built from-the-ground-up framework for virtual assets and Web3," added Tim Byun, Global Head of Government Relations at OKX. "This license was a crucial step for OKX as we move from a trust-based system to one that is trustless and empowers users to take control of their financial future. Dubai is an important market for us, and we're excited to build strong relationships with our users and contribute to the development of its crypto and Web3 ecosystem."

Last June, OKX Middle East also obtained the Minimal Viable Product (MVP) Preparatory license​ from the VARA.