OKX receives a license from the Dubai regulator to serve retail customers

The final authorization will come into effect after additional localization requirements are met

16.01.2024 - 12:15

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What’s new? Dubai-based subsidiary of the OKX cryptocurrency exchange has received a Virtual Asset Service Provider (VASP) license from the local Virtual Asset Regulatory Authority (VARA). The license will take effect within a few weeks and will allow OKX Middle East Fintech FZE to provide spot trading services to retail and institutional clients via its website and app, as well as transact in the local fiat currency, dirhams.

Press release

What else is known? OKX received a provisional license from VARA back in June last year, the latest renewal will allow the exchange to start operating in the local market. Rifad Mahasneh, OKX General Manager for the MENA region, noted that the exchange, among other features, offered spot trading in dirhams in pairs with bitcoin, Ethereum, and other cryptocurrencies.

That said, the VASP license remains invalid until the company fully complies with all remaining conditions, including VARA-defined localization requirements.

Tim Byun, OKX Global Head of Government Relations, said that VARA has created a modern and comprehensive framework for virtual assets and Web 3.0, making Dubai a global leader in the field of crypto regulation.

Earlier, crypto custodians Hex Trust and Komainu, as well as the Crypto.com exchange, received VASP licenses in Dubai.

Late last year, OKX announced the delisting of anonymous cryptocurrencies XMR, ZEC, and DASH. VARA banned such assets back in February.

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