OKX’s Middle East subsidiary, OKX Middle East Fintech FZE, has managed to obtain a license to begin operations in the UAE, expanding its services to the Middle East. The Virtual Asset Service Provider (VASP) license has been granted by the Dubai Virtual Asset Regulatory Authority (VARA) for VA exchange services.
Rifad Mahasneh, OKX General Manager for the MENA region, informed that the license is not yet operational, however, he explained that once operational approval is received, the license will allow the exchange to offer virtual asset exchange service activities , including spot and fiat trading services, AED deposits and withdrawals, and spot trading pairs. The services will be available to institutional and retail users in the market.
“Dubai, together with VARA, has successfully established a unique environment that stimulates the growth of Virtual Asset Service Providers (VASPs). The MENA region has enormous potential to become a center of excellence for Web3 and virtual assets, and we look forward to playing a significant role in this evolution. We foresee the opportunity to further enhance the already thriving ecosystem across the region. This license marks the beginning of a new era – one where digital assets are not just a part of the financial landscape, but are fundamental in defining its future,” he said.
The OKX executive highlighted the importance of the United Arab Emirates market for the company and highlighted the optimism in contributing to the development of its cryptographic and Web3 ecosystem.
In a strategic move to strengthen the Solana ecosystem, OKX, one of the leading global cryptocurrency exchanges, announced the listing of BONK and JTO tokens. The initiative, scheduled for January 8, 2024 at 6:00 am UTC, marks a significant moment for investors and enthusiasts of the Solana blockchain.
Seychelles-based OKX will open spot trading pairs for both tokens simultaneously. Deposits will be allowed four hours before launch, and withdrawals for JTO and BONK will begin on January 9th at 10am UTC. This decision comes at a challenging time for the Solana ecosystem, with tokens reaching historic lows.
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