OFZA, a UAE established cryptocurrency exchange that provides seamless and secure crypto trading offering has secured a full VASP license from Dubai’s Virtual Asset Regulatory Authority (VARA). As per the license, OFZA will be able to offer crypto broker-dealer Services, crypto exchange services, management and Investment Services as well as advisory services to both retail and institutional investors as well as qualified investors in the UAE.
With the license from VARA, OFZA becomes the 20th Virtual Asset exchange and broker provider to be licensed by VARA in the UAE. The license comes at a time when crypto is gaining immense traction with the new Trump administration.
The crypto exchange will be competing with players such as Binance, CoinMENA, Crypto.com, OKX and others in the UAE.
According to Chainalysis’ Geography of Crypto Report 2024, the UAE saw a 42% year-on-year growth in crypto transactions, receiving $34 billion between July 2023 and June 2024. The Middle East and North Africa region (MENA) accounted for 7.5% of all cryptocurrency transaction volume globally between July 2023 and June 2024.
Chainalysis estimated the total value received during the period to be $338.7 billion, with the vast majority of the transaction volume coming from institutional and professional investors.
