OKX's Dubai Subsidiary Secures VASP License, Awaits Regulatory Approval for Operations
Summary:
The Dubai branch of crypto exchange OKX has secured a virtual asset service provider (VASP) license from Dubai's Virtual Assets Regulatory Authority (VARA). However, it will remain "non-operational" until it fulfills all regulatory requirements. Once active, OKX Middle East will offer regulated VASP services like spot and fiat trading to both retail and institutional users. The company's Middle East and North Africa general manager, Rifad Mahasneh, expects the license to be operational within a few months. He praised VARA's efficient license application process and its role in overseeing the regional virtual asset sector.
The Dubai division of cryptocurrency exchange OKX has been granted a virtual asset service provider (VASP) license by Dubai's Virtual Assets Regulatory Authority (VARA) to facilitate exchange services. Despite obtaining the license, OKX emphasized that they will stay "inactive" until they adhere to all the regulator's stipulations. OKX's Middle East and North Africa region's general manager, Rifad Mahasneh, divulged to Cointelegraph that they are on the verge of meeting these stipulations and foresee the operationalization of the license in the forthcoming months.
After reaching operational status, OKX Middle East qualifies to provide regulated VASP services. These services encompass "spot and fiat trading services, AED deposit and withdrawal facilities, and spot trading pairs". The services, according to Mahasneh, will be accessible to both retail and institutional clientele.
A new law was sanctioned in March 2022 by Dubai's premier and ruler, Sheikh Mohammed bin Rashid Al Maktoum, which instated a legal structure for cryptocurrency in Dubai. The Dubai ruler also selected VARA to exercise jurisdiction in its unique development and free zones, barring the Dubai International Financial Centre.
Mahasneh sang praises for VARA’s license application procedure, terming it as efficiently streamlined. In the executive's opinion, the regulator manifested its efficacy in supervising the regional virtual asset sector. Moreover, Mahasneh insinuated that the synergistic affiliation between OKX and VARA underscores the significance of clearly articulated regulations in fostering "responsible growth" in the crypto universe.
Published At
1/16/2024 9:00:00 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.