coinspress.com
In a significant development, OKX has successfully acquired a license as a virtual asset service provider in Dubai.
OKX secured the license through its subsidiary, OKX Middle East Fintech FZE, signaling a key milestone in the exchange’s ongoing global expansion strategy.
The announcement today disclosed that the Dubai Virtual Assets Regulatory Authority has granted a currently inactive license, contingent upon meeting specific conditions and fulfilling localization requirements.
Activation of the VASP license will enable OKX Middle East to broaden its array of duly regulated virtual asset activities, offering spot services and spot-pairs tailored for institutional and qualified retail clients, according to statements from the exchange.
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Rifad Mahasneh, heading the MENA region for OKX, expressed enthusiasm in a provided statement, emphasizing the region’s vast potential to emerge as a central hub for Web3 and cryptocurrency.
Dubai’s allure for crypto enterprises is underscored by the recent acquisition of VASP licenses by prominent entities like Crypto.com.