DUBAI AWARDS OKX WITH CONDITIONAL CRYPTOCURRENCY LICENSE 

Rifad Mahasneh, the general manager of OKX MENA, shared with Cointelegraph that this license will enable OKX Middle East to provide regulated VASP services.

OKX, a crypto exchange, has been granted a virtual asset service provider (VASP) license by Dubai’s Virtual Assets Regulatory Authority (VARA) for exchange services in its Dubai branch.

Although OKX has received the license, the company remains “non-operational” until it meets all the regulatory requirements. Rifad Mahasneh, the general manager for OKX in the Middle East and North Africa, conveyed to Cointelegraph the company’s efforts to fulfill these conditions and anticipates the license becoming operational in the coming months.

Once active, OKX Middle East plans to offer regulated VASP services that include “spot and fiat trading, AED deposits and withdrawals, and spot trading pairs.” These services will be accessible to both retail and institutional clients, as Mahasneh noted.

In March 2022, Dubai’s Prime Minister and Ruler Sheikh Mohammed bin Rashid Al Maktoum enacted a new virtual assets law, laying the groundwork for cryptocurrency regulations in Dubai. He also appointed VARA with enforcement authority in the city’s special development and free zones, excluding the Dubai International Financial Centre.

Mahasneh lauded VARA’s efficient license application process, reflecting the regulator’s competence in managing the local virtual asset market.

He also expressed that the collaboration between OKX and VARA emphasizes the significance of clear regulations in fostering “responsible growth” in the cryptocurrency industry.

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