Dubai's Virtual Assets Regulatory Authority (VARA) has granted OKX Middle East, the local subsidiary of crypto exchange OKX, a provisional virtual asset service provider (VASP) license, Reuters has reported.
Despite being granted the license by the regulator, the cryptocurrency trading platform will not start operating in the country until it complies with VARA requirements.
According to Rifad Mahasneh, OKX's general manager for the Middle East and North Africa, the company is working to complete the requirements and expects the license to be operational in a few months.
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He has added:
"We are looking at this as a game changer because we are able now to target both retail and institutional clients in the UAE and allow them to deposit and withdraw in their local currency."
Once operational, the OKX subsidiary will be able to offer regulated crypto exchange services, including spot and fiat trading services and spot trading pairs.