OKX Middle East officially received the VASP license issued by the Dubai Virtual Assets Regulatory Authority

On January 16, global leading cryptocurrency exchange and Web3 technology company OKX announced that its Middle East affiliate (OKX Middle East) has officially received a Virtual Asset Service Provider (VASP) license issued by the Dubai Virtual Assets Regulatory Authority (VARA). The license will officially come into effect once OKX Middle East meets all remaining conditions set by VARA and specific localization requirements. At that time, OKX Middle East will officially commence operations following the review and approval by the regulatory authority.

Once operational, the VASP license will allow OKX Middle East to expand its approved range of regulated virtual asset activities and provide spot trading services to institutional and qualified retail clients through the OKX APP and the OKX exchange official website (OKX.com). OKX is committed to maintaining robust investor and market protection principles, and users trading on the OKX Middle East platform regulated by Dubai VARA will enjoy a higher level of protection.

Rifad Mahasneh, General Manager of OKX Middle East and North Africa, stated: "The future of digital assets and capital markets lies in the hands of regulated entities. Dubai, in partnership with VARA, has successfully established a unique environment that promotes the development of virtual asset service providers. The Middle East and North Africa region has immense potential to become a center of excellence for Web3 and virtual assets. We eagerly look forward to further strengthening the prosperous development of the ecosystem across the region." Tim Byun, Head of Global Government Relations at OKX, remarked: "Dubai and VARA have built the most timely and comprehensive regulatory framework for virtual assets and Web3 from the ground up, positioning themselves as global leaders. For OKX, obtaining the VASP license is a crucial step as we transition from a trust-based system to a trustless system, empowering users to take control of their future assets. Dubai is one of the most important markets globally, and we are excited to establish strong relationships with local users and contribute to the development of their crypto and Web3 ecosystem."

About OKX

OKX is a global cryptocurrency exchange and innovative Web3 technology company, trusted by over 50 million users worldwide, known for providing the fastest and most reliable cryptocurrency trading applications. As the chief partner of Premier League champions Manchester City F.C., McLaren F1 Team, Olympic snowboarder Scotty James, and F1 driver Daniel Ricciardo, OKX aims to enhance fan experiences through new interactive ways. Additionally, OKX is a top partner of the Tribeca Festival, dedicated to attracting more creators into the Web3 space. OKX is committed to enhancing transparency and security and regularly publishes reserve proof reports every month. For more information about OKX, please download the app or visit: okx.com

About the Dubai Virtual Assets Regulatory Authority (VARA)

The Dubai Virtual Assets Regulatory Authority (VARA) was established in March 2022 and is the world's first dedicated authority to regulate the virtual asset industry, responsible for managing and overseeing activities related to virtual assets in Dubai (including special development zones and free zones, but excluding the Dubai International Financial Centre). VARA supports the vision of a borderless economy and plays a core role in creating an advanced legal framework to protect investors and establish international standards for regulating the virtual asset industry. For more information, please visit: www.vara.ae

Disclaimer

This announcement is for informational purposes only. This announcement is not intended to provide any investment, tax, or legal advice and should not be construed as an offer to buy, sell, or hold digital assets. Holding digital assets, including stablecoins, carries a high level of risk, and market volatility may be significant, and you may even lose the entire value of your assets. You should carefully consider whether trading or holding digital assets is suitable for you based on your financial situation and risk tolerance. If you have any questions about your specific circumstances, please consult your legal/tax/investment advisor.