Okx secures the VASP license from Dubais Vara

• The VASP license remains out of operation until OKX fulfills certain conditions.
• After the grant, OKX can offer institutional and qualified private customers to replace virtual assets.

The crypto tour OKX has announced that its subsidiary, Okx Middle East Fintech FZE, the Virtual Asset Service Provider (VASP) license from Dubais Virtual ASSES Regulatory Authory (Vara) has received.

The VASP license will enable OKX MIDDLE EAST to offer its regulated services and products for virtual assets, including spot trading couples, qualified customers, said the company in a press release .

" t his license was a crucial step for OKX, since we go from a trust-based system to a system that is trustworthy and enables users to take control of their financial future. Dubai is an important market for us and we are happy to build strong relationships with our users and to develop its crypto and web3 ecosystem to contribute ", noticed Tim Byun, global director for government relationships at OKX.

The VASP license is currently not ready for operation

According to OKX, the license is currently not ready for operation, since the stock exchange "wants to fully meet all the remaining conditions and selected localization requirements defined by Vara". As soon as it meets the requirements for re -reviewing and approval, it will start operating.

" This license is a game changer. As soon as the operating permit is available, the VASP license enables OKX MIDDLE EAST to offer regulated services for the exchange of virtual assets, including spot and fiat trade services, AED deposits and payments and spot trading pairs. Private and institutional users on the market via the OKX app and Okx.com Exchange available "," said rifad Mahasneh, General Manager at Okx Mena.

The expansion efforts of OKX included applying for registration as a digital asset service provider (DASP) in France and plans for an office in Turkey.

The stock exchange also recently appointed Guilherme Sacamone as General Manager for OKX in Brazil.