VA Standards - OKX Middle East Fintech FZE
OKX Virtual Asset Standards
The following set out the factors on which OKX will evaluate each Virtual Asset before listing on the Exchange. These standards have been prepared in accordance with Rule VIII.A.1 of the VARA Market Conduct Rulebook. Additionally, these standards are published on OKX’s website in accordance with Rule VIII.A.3 of the VARA Market Conduct Rulebook.
Market metrics
Assessing The Virtual Asset’s market capitalisation, fully diluted value and liquidity, and whether such metrics have trended downwards over time.
Design system
2. Reviewing its design, features and use cases, both intended and unintended by the issuer or relevant developers.
Legal compliance and prohibitions
3. Evaluating whether there are features which may materially affect OKX’s compliance with applicable laws, Regulations, Rules or Directives, including but not limited to those relating to AML/CFT, sanctions, securities, intellectual property.
4. Reviewing regulatory treatment by VARA and other appropriate authorities, including those outside of Dubai, in particular whether the issuance of the Virtual Asset has received any regulatory approvals.
5. Reviewing whether a Virtual Asset is prohibited by VARA or any other appropriate authorities, both inside or outside the UAE, in jurisdictions in which OKX will provide VA Activities, or equivalent activities, in relation to such Virtual Asset.
Security
6. Assessing the security and immutability of the underlying Digital Ledger Technology protocol.
Future Development
7. Considering its future development (e.g. “roadmap”) as communicated by the issuer and/or relevant developers.
Risk of market manipulation
8. Evaluating whether the Virtual Asset may be susceptible to price manipulation for any reason and relevant mitigations that will be implemented by OKX.
Conflicts of interest
9. Assessing whether potential or actual conflicts of interest may arise should OKX provide any VA Activities in relation to the Virtual Asset and relevant mitigations.
Issuer background
10. Investigating the background of its issuer including, but not limited to, relevant experience in the Virtual Asset sector and whether it has been subject to any investigations or claims in relation to fraud or deceit.
Asset rights and availability
11. Considering if the Virtual Asset represents rights to any other assets, the enforceability of such rights.
12. Evaluating whether sufficient assets are available to satisfy any obligation with respect to any VA Activities.
Market correlation
13. Assessing whether the Virtual Asset terms and conditions reflect, to the extent possible, the operation of any existing underlying physical market and avoid adverse impacts to such market (if applicable).
Periodic review
14. Monitoring whether the terms and conditions of the Virtual Asset correlate with any physical market to ensure such terms and conditions conform to standards and practices in that physical market (if applicable).