OKX Middle East Fintech FZE, the Dubai-based subsidiary of the cryptocurrency exchange, has recently acquired a license from the Dubai Virtual Assets Regulatory Authority (VARA), a development set to be fully operational in the coming weeks, as revealed by the firm on Tuesday.
This regulatory approval, in the form of the Dubai virtual assets services provider (VASP) license, marks a significant milestone for the subsidiary, enabling it to engage in fiat transactions. Moreover, the license empowers the company to offer spot services and spot pairs to both institutional and qualified retail customers through the exchange and its dedicated application.
OKX Empowered
In an announcement, OKX highlighted Dubai’s burgeoning status as the preferred hub for cryptocurrency enthusiasts. Currently ranking as the world’s second-largest exchange by volume, OKX initially received a preparatory license from VARA in June of the preceding year. The latest disclosure elevates this status to full operational capability, signaling a pivotal step forward for the subsidiary.
Rifad Mahasneh, OKX General Manager for the MENA Region, shed light on the implications of this development in an interview, stating, “This allows us to offer services to UAE residents, which we’re going after, including spot trading and fiat-related services, which means deposits and withdrawals of local currency, United Arab Emirates dirham (AED).” He further elaborated that the company would introduce local currency trading pairs, such as AED/BTC, AED/ETH, and others, showcasing a strategic expansion of their service offerings in the region.
The approval from VARA underscores OKX’s commitment to complying with regulatory frameworks, ensuring a secure and legally compliant environment for its users. As the company capitalizes on this regulatory green light, it anticipates a heightened level of engagement with the growing cryptocurrency community in the UAE, offering an array of services ranging from spot trading to fiat-related transactions.
This achievement positions OKX Middle East Fintech FZE as a key player in the regional cryptocurrency landscape, poised to cater to the evolving needs of both institutional and retail clients in Dubai and beyond.