OKX Secures Derivatives VASP License from VARA

In a significant achievement for OKX, the global cryptocurrency exchange has secured its full Virtual Asset Service Provider (VASP) license from Dubai's Virtual Assets Regulatory Authority (VARA). This announcement was made by OKX Middle East General Manager Rifad Mahasneh during the company’s gala event at the Museum of the Future, titled "A New Alternative for Dubai." The event also featured an appearance from Pep Guardiola, Manchester City’s head coach, who shared his thoughts on the partnership between OKX and the football club.

Pep Guardiola praised the partnership, stating:
"I'm very proud to be here in Dubai with Manchester City's Official Sleeve Partner OKX as part of their celebrations and announcement that they will enter the market. OKX has been a major partner of the club for the last three years and we share a commitment to innovation, adaptability, and success. Technology is a huge part of performance on the pitch and further advancements in this space to enhance fan experiences and activity is exciting. It's been a fantastic event to be part of this evening and I thank OKX for inviting me."

The presence of a global sports icon like Pep Guardiola not only added prestige to the event but also underscored OKX’s commitment to global innovation and adaptability, values that align both with its partnership with Manchester City and its ambitions in the UAE market.

Fast-Tracked VASP License: A Landmark for Fiat and AED Trading

"Securing the full VASP license in just eight months speaks to the hard work of our team and the supportive regulatory environment in Dubai," Mahasneh explained. This achievement allows OKX to offer more than just crypto-to-crypto trading—it enables fiat integrations with AED, which Mahasneh highlighted as crucial for the local market.

"We’ve always been a crypto deposit firm, but now we’re introducing fiat into the mix. The ability to transfer in from AED is super important for us and the UAE market," he shared. OKX now supports direct transfers in AED, giving users the ability to trade using their local currency without foreign exchange complications.

Introducing Local Infrastructure: A New Model for the UAE

Mahasneh emphasized the importance of building local liquidity for the UAE market, a feature that sets OKX apart from traditional broker-based models. “We’re setting up a local order book where you can buy and sell dirhams directly,” he said. Unlike models where brokers source liquidity from global markets, OKX’s new system will match buyers and sellers within the UAE, providing more transparent and direct access to local liquidity. This infrastructure layer will be a significant enhancement for the country’s growing digital asset ecosystem.

Zand Bank Partnership: Strengthening the Fiat Integration

A vital component of this success has been OKX’s strategic banking partnership with Zand Bank, one of the UAE’s leading digital-first banks. Mahasneh elaborated on how this collaboration helped streamline the fiat-to-crypto process, providing secure and efficient banking services for OKX users.

“Our clients' funds are held with Zand Bank, which has been instrumental in supporting our AED operations. This partnership ensures that OKX offers both a reliable and compliant financial infrastructure,” he noted. The collaboration with Zand Bank reflects OKX's commitment to delivering a robust, fully localized trading experience in the UAE.

Tailoring Global Expertise for the UAE Market