Crypto News – The Virtual Assets Regulatory Authority (VARA) of Dubai has granted a virtual asset service provider (VASP) license to OKX’s Dubai subsidiary for exchange services.
OKX Crypto License: Exchange Receives Conditional License from Dubai Regulator
Even though the license was given to the company, OKX made it clear that it would not operate until it could meet all of the regulatory requirements. The company is striving to fulfill the requirements and anticipates having the license active in a few months, according to Rifad Mahasneh, general manager of OKX for the Middle East and North Africa region.
Mahasneh Explains What OKX Middle East Can Do with the License
After it is up and running, OKX Middle East will be permitted to provide regulated VASP services, such as spot trading pairs, AED deposits and withdrawals, and spot and fiat trading services. Retail and institutional users would have access to the services, as Mahasneh clarified.
This allows us to offer services to UAE residents, which we’re going after, including spot trading and fiat-related services, which means deposits and withdrawals of local currency, the United Arab Emirates dirham (AED). 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.
Mahasneh
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