OKX acquires VASP license in Dubai to operate cryptocurrency exchange services
OKX has obtained a virtual asset service provider license in Dubai through its local subsidiary, OKX Middle East Fintech FZE, as the exchange continues its global expansion.
the company presentation Currently, the license granted by the Dubai Virtual Assets Regulatory Authority will not be operational until certain conditions and localization requirements are fully met. “Once the VASP license, OKX Middle East will be able to expand its suite of approved and fully regulated virtual asset activities and offer spot services and spot pairs to institutional and eligible retail clients,” the exchange said.
Rifad Mahasneh, OKX’s general manager for the MENA region, said in a statement that the region has enormous potential to become a hub for Web3 and cryptocurrencies. “We eagerly look forward to the opportunity to further enhance the already thriving ecosystem across the region.”
Dubai has attracted many cryptocurrency companies to set up shop in the area. November 2023, Crypto.com and Hex Trust Both are VASP licensed by VARA. Last August, Nomura’s cryptocurrency division Laser Digital also launched Business license approved In Dubai.
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