OKX, a leading global crypto exchange, has announced that they have obtained the world’s first Dubai Virtual Asset Regulatory Authority (VARA) license. This accomplishment is a major milestone and proof of OKX’s dedication to maintaining high standards of compliance with guidelines from the Financial Action Task Force (FATF) and the United Arab Emirates’ VARA.
The VARA license is issued by a government agency established by the Dubai government to regulate virtual assets, such as cryptocurrency, industry. For a company to receive a VARA license, it must meet numerous compliance requirements, including anti-money laundering (AML) and customer due diligence (CDD), along with other risk management measures. The attainment of a VARA license proves that the company has met stringent standards in terms of compliance, transparency, and market regulations.
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