OKX Secures License in Dubai

One of the world’s largest cryptocurrency exchanges, OKX, has announced that it has obtained a regulatory license in Dubai.

This license from Dubai’s Virtual Assets Regulatory Authority (VARA) allows OKX to offer crypto services to retail clients.

The company has been granted a Virtual Asset Service Provider (VASP) license for exchange services, which will allow OKX to provide spot services and spot-pairs services to qualified retail clients and institutional customers.

The UAE is actively promoting itself as a global hub for the cryptocurrency industry, and VARA was established in March 2022 to regulate the growing virtual asset industry in Dubai.

According to Rifad Mahasneh, OKX’s General Manager for the MENA region, this development is seen as a potential game changer, as it allows the company to target both retail and institutional clients in the UAE and offer services with the option to deposit and withdraw in the local currency.

The company is currently working towards fulfilling the remaining conditions and plans to launch its services in the next few weeks with the support of VARA.