Crypto alternate OKX has secured a digital asset service supplier (VASP) license in Dubai through its subsidiary, OKX Center East Fintech FZE, marking one other step within the agency’s world enlargement.
The license, issued by the Dubai Digital Property Regulatory Authority (VARA), is presently non-operational, pending the achievement of particular situations and localization necessities.
As soon as lively, the license will allow OKX Center East to supply a variety of regulated digital asset providers and spot buying and selling choices to each institutional and certified retail purchasers.
Dubai is more and more changing into a hotspot for the crypto business. OKX, the world’s second-largest alternate by buying and selling quantity, initially received a preparatory license from VARA in June of final 12 months. The newest growth elevates its standing to an operational license holder.
Rifad Mahasneh, basic supervisor for the MENA area of OKX, stated within the assertion that the area holds enormous potential to change into a hub for web3 and crypto. “We eagerly anticipate the possibility to additional improve the already flourishing ecosystem all through the area.”
In March 2022, Dubai’s Prime Minister and Ruler, Sheikh Mohammed bin Rashid Al Maktoum, permitted a brand new regulation for digital property, establishing Dubai’s authorized framework for cryptocurrencies. The ruler additionally assigned enforcement powers to VARA, protecting all particular growth and free zones besides the Dubai Worldwide Monetary Centre.
Mahasneh counseled the effectivity of VARA’s licensing course of and acknowledged its position in successfully regulating the native digital property sector.
Mahasneh additionally emphasised that the partnership between OKX and VARA underscores the essential position of clear laws in fostering accountable progress inside the cryptocurrency house.
Dubai’s enchantment to crypto corporations is obvious within the current inflow of corporations establishing a presence within the area. Notable situations embody Crypto.com and Hex Trust receiving their VASP licenses from VARA in November 2023 and Nomura’s crypto arm, Laser Digital, securing its working license approval in Dubai in August.