OKX Middle East Fintech FZE, the Dubai-based subsidiary of cryptocurrency exchange OKX, has successfully obtained a license from the Dubai Virtual Assets Regulatory Authority (VARA), marking an important milestone for the exchange's operations in the Middle East. The license is planned to be fully operational in the coming weeks.
OKX's Dubai-Based Subsidiary Obtains Dubai Virtual Assets License for Fiat Transactions
The Dubai Virtual Asset Services Provider (VASP) license obtained by OKX Middle East Fintech FZE positions it to facilitate fiat transactions, offering spot services and spot pairs to both institutional and qualified individual customers through the exchange application.
Already emerging as a preferred destination for crypto enthusiasts and businesses, Dubai has witnessed growing interest from major players in the crypto sector.
OKX, which is currently the second largest stock exchange in the world in terms of volume, received a preliminary license from VARA in June of the previous year.
The latest announcement operationalizes this status, allowing OKX Middle East Fintech FZE to expand its services.
OKX MENA Region General Manager Rifad Mahasneh emphasized the importance of the license and said:
“This enables us to offer UAE residents the services we are after, including spot trading and fiat-related services, namely deposits and withdrawals of the local currency, the United Arab Emirates dirham (AED).
“Mahasneh added that the subsidiary will introduce local currency trading pairs such as AED/BTC and AED/ETH, providing new opportunities for users in the region.
*This is not investment advice.