OKX obtains VASP license in Dubai to operate crypto 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 announced today that the license, granted by the Dubai Virtual Assets Regulatory Authority, remains non-operational until it fully satisfies certain conditions and localization requirements. “Once operational, the VASP license will allow OKX Middle East to extend its approved suite of duly regulated virtual assets activities and to provide spot services and spot-pairs, to institutional and qualified retail customers,” the exchange said.

Rifad Mahasneh, general manager for the MENA region of OKX, said in the statement that the region holds huge potential to become a hub for Web3 and crypto. “We eagerly anticipate the chance to further enhance the already flourishing ecosystem throughout the region.”

Dubai has attracted many crypto firms to set up shops in the region. In November 2023, Crypto.com and Hex Trust both received a VASP license from VARA. In August, Nomura’s crypto arm Laser Digital also obtained the operating license approval in Dubai.