Ahlan Dubai!
As General Manager of OKX in the MENA Region, I am thrilled to share that we've received our Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA) for VA Exchange Services. While the licence is not yet operational, this achievement is a significant milestone and testament to our team's hard work and dedication, and a reflection of Dubai's forward-thinking approach to virtual assets and Web3 technology.
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.
Our commitment at OKX is unwavering when it comes to upholding robust investor and market safeguard principles. By trading on a regulated platform under VARA's supervision in Dubai, our users will enjoy enhanced levels of consumer protection. This is crucial in an era where trust and security are paramount.
Dubai, along with VARA, has successfully established a unique environment that nurtures the growth of Virtual Asset Service Providers (VASPs). The MENA region holds immense potential to become a hub of excellence for Web3 and virtual assets, and we are eager to play a significant role in this evolution.
We anticipate the chance to further enhance the already flourishing ecosystem throughout the region. This license marks the beginning of a new era – one where digital assets are not just a part of the financial landscape but are pivotal in shaping its future.
Thank you, Dubai and VARA, for being world leaders in crypto regulation. This isn't just a step forward for OKX – it's a leap into a future where we move from a trust-based system to one that is trustless, empowering users to take control of their financial future.
The UAE is an important market for us, and we're excited to build strong relationships with you and contribute to the development of its crypto and Web3 ecosystem. Let’s embark on this journey together, towards a more inclusive and empowered digital asset future.
Stay tuned for more updates as we continue to innovate and lead in this exciting space!
Warm regards,
Rifad Mahasneh
General Manager, OKX MENA
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Information about: digital currency exchange services is prepared by OKX Australia Pty Ltd (ABN 22 636 269 040); derivatives and margin by OKX Australia Financial Pty Ltd (ABN 14 145 724 509, AFSL 379035) and is only intended for wholesale clients (within the meaning of the Corporations Act 2001 (Cth)); and other products and services by the relevant OKX entities which offer them (see Terms of Service). Information is general in nature and should not be taken as investment advice, personal recommendation or an offer of (or solicitation to) buy any crypto or related products. You should do your own research and obtain professional advice, including to ensure you understand the risks associated with these products, before you make a decision about them. Past performance is not indicative of future performance - never risk more than you are prepared to lose. Read our Terms of ServiceTerms of Serviceand Risk Disclosure Statement for more information.
