The Dubai Virtual Assets Regulatory Authority (VARA) has issued a VASP license to OKX Middle East Fintech FZE, a Dubai-based OKX subsidiary, for the provision of VA Exchange Services. However, the certification will be dormant unless the organization meets all of the essential standards and selects the location needs as specified by VARA. Once finished and approved by the relevant authorities, the company will be permitted to conduct business operations.
By obtaining this license, OKX Middle East will be able to expand its range of authorized virtual asset functions and leverage the OKX application and OKX.com exchange to provide spot solutions and spot pairs that specifically target institutional and appropriate retail clients.
OKX is dedicated to upholding a robust ethos of investor and market safety. By conducting their transactions on a certified platform regulated by VARA, users can expect to experience enhanced consumer protections.
According to Rifad Mahasneh, OKX’s general manager for the MENA region, rules are necessary to control the capital markets and digital assets. As a result, Dubai has emerged as the preeminent hub for purveyors of virtual asset services. The MENA region possesses tremendous potential to emerge as a center of distinction with regard to Web3 and virtual assets.
Dubai and VARA, according to Tim Byun, the global head of government relations at OKX, have one of the most hopeful regulatory frameworks concerning Web3 and virtual assets. Presently, the organization is delineating its domain in Dubai and progressively expanding it.
OKX is an innovative Web3 company and an unequivocal leader in the international cryptocurrency exchange industry. It boasts an impressive user base of more than 50 million across the globe and includes one of the most efficient and reliable cryptocurrency applications ever created.
VARA, which was established in March 2022 in accordance with Law No.4 of 2022, is the authorized body responsible for the regulation, supervision, and oversight of VAs and VA-related operations in every zone of the Emirate of Dubai, excluding the Dubai International Financial Centre and Special Development Zones.
The role of VARA is pivotal in the development of Dubai’s cutting-edge regulatory framework, which aims to safeguard investors and set global benchmarks for the management of the virtual asset sector, all the while bolstering the goal of a borderless economy.