UAE based OKX crypto exchange clarifies its new virtual asset standards prior to them being listed on its Middle East exchange as per Dubai’s Virtual Asset regulatory authority requirements.
OKX Middle East published the set of factors it will be utilizing when it evaluates virtual assets before listing them on its exchange.
According to the UAE based crypto exchange the standards have been prepared in accordance with Rule VIII.A.1 of the VARA market conduct rulebook, and are also available on OKX’s website in accordance with Rule VIII.A.3 of the VARA Market conduct rulebook.
OKX Middle East will asset the market metrics of virtual assets market capitalization, fully diluted value and liquidity and whether metrics have trended downwards over time.
It will also review the design system, such as features, use cases both intended and unintended by the issuer or relevant developers.
In terms of compliance, the crypto exchange will evaluate the virtual asset compliance features, regulations, rules or directives as well as AML/CFT sanctions, securities, and intellectual property.
It will also review how regulators are treating this virtual asset whether by VARA or other authorities outside of Dubai, including regulatory approvals
It will also review whether the virtual asset is prohibited by VARA or other regulators in or outside of the UAE.
OKX even goes as far as to asset the security and immutability of the DLT protocol on which the virtual asset is built.
Furthermore, OKX will evaluate whether the Virtual Asset may be susceptible to price manipulation for any reason and relevant mitigations that will be implemented by OKX. It will also investigate the background of issuer and whether it has been subject to any investigations or claims in relation to fraud or deceit.
OKX Middle East will finally monitor the terms and conditions of the Virtual Asset correlate with any physical market to ensure such terms and conditions conform to standards and practices in that physical market (if applicable).
OKX has been expanding its regulated operations in MENA with both a license from the Dubai UAE VARA as well as one in Turkey.
