Dubai's VARA announced on July 10 that the conditional license issued to BitOasis will remain "non-operational" until the exchange regularizes its processes with the regulator.
Proprietary traders of digital currencies looking to operate in Dubai will be required to possess a no-objection certificate (NOC), according to the Dubai VARA’s official report.
The Dubai Virtual Assets Regulatory Authority license lays the foundation for OKX to obtain a full-scale license in the coming months to offer digital currency services in the region.
The ambitious plan will see the United Arab Emirates moving 50% of all government transactions to the blockchain, a clear statement of intent to pursue its digital currency goals.
VARA notes that OPNX crossed its radar in February when the project began collecting personal data from customers, and in its latest advisory, the regulator stated that it would closely monitor OPNX.
Binance is feeling the regulatory walls closing in as authorities question the reputational damage of appearing to approve of the controversial digital asset exchange.
Dubai's VARA has revoked the regional operating license of FTX MENA Minimum Viable Product, while other VASPs in the country have been mandated to fully disclose their exposure to FTX.
MetaHQ is a virtual office in sandbox—a blockchain-based 3D virtual open world, which will enable the regulator to have first-hand experience of the industry it was set up to regulate.