OKX secures VASP license from Dubai’s VARA

• The VASP license remains non-operational until OKX fulfills specific conditions.
• However, once granted, it will allow OKX to offer virtual assets exchange services to institutional and qualified retail customers.

Crypto exchange OKX has announced that its subsidiary, OKX Middle East Fintech FZE, has received the Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA).

The VASP license will allow OKX Middle East to offer its regulated virtual assets services and products, including spot trading pairs to qualified customers, the company said in a press release.

 “This license was a crucial step for OKX as we move from a trust-based system to one that is trustless and empowers users to take control of their financial future. Dubai is an important market for us, and we’re excited to build strong relationships with our users and contribute to the development of its crypto and Web3 ecosystem,” OKX global head of government relations, Tim Byun noted.

VASP license currently non-operational

According to OKX, the license is currently non-operational as the exchange looks to fully satisfy “all remaining conditions and select localisation requirements defined by VARA.” Once it meets the re-verification and approval requirements, it will commence its operations.

“This license is a game-changer. Once operational approval has been received, the VASP Licence will allow OKX Middle East to offer regulated virtual asset exchange services activities including spot and fiat trading services, AED deposits and withdrawals, and spot trading-pairs. These services will be available to retail and institutional users in-market via the OKX App and OKX.com Exchange,” said Rifad Mahasneh, General Manager at OKX MENA.

OKX’s expansion efforts have included application for registration as a Digital Asset Service Provider (DASP) in France and plans for an office in Türkiye. 

The exchange also recently appointed Guilherme Sacamone as the General Manager for OKX in Brazil.