Dubai Virtual Assets License Awarded to OKX's Middle East Business

• OKX Middle East Fintech FZE Secures License from Dubai Virtual Assets Regulatory Authority
• Virtual Assets Services Provider License
• A Growing Crypto Hub: Dubai
• Offering Services to UAE Residents

OKX Middle East Fintech FZE Secures License from Dubai Virtual Assets Regulatory Authority

OKX Middle East Fintech FZE, the Dubai subsidiary of the global cryptocurrency exchange, has been granted a license from the Dubai Virtual Assets Regulatory Authority (VARA). The license is expected to be operational within the next few weeks, according to a recent announcement from the firm.

Virtual Assets Services Provider License

The Virtual Assets Services Provider (VASP) license will empower the firm to facilitate fiat transactions and offer spot services and spot pairs to both institutional and qualified retail customers via the exchange and its app.

A Growing Crypto Hub: Dubai

Dubai is quickly rising as a top destination for cryptocurrency exchanges. OKX, currently the world's second largest exchange by volume, was initially given a preparatory license by VARA in June of the previous year. The recently announced operational license is an upgrade on this initial permit.

Offering Services to UAE Residents

With this license, OKX can extend its services to residents of the United Arab Emirates, including spot trading and fiat-related services. It means that customers can perform deposits and withdrawals using the local currency, the United Arab Emirates dirham (AED).

In an interview, OKX's General Manager for the MENA Region, Rifad Mahasneh, stated, "In addition to that, we'll be offering local currency trading pairs, so AED/BTC, AED/ETH, and the others, which is something new that we're doing."

Edited by Jonathan Stoker