SuiHub and VARA Dubai collaborate to support startups

SuiHub and VARA Dubai collaborate to support startups

SuiHub MENA and the Dubai Virtual Assets Regulatory Authority (VARA) have signed an agreement to support startups, develop local talent, and share insights that can help grow the virtual asset space in the Middle East.

As per the announcement, the collaboration represents a shared vision to make Dubai a global hotspot for virtual asset innovation. VARA, established in 2022, oversees the regulation and supervision of virtual assets in the Emirate. SuiHub MENA, backed by the Sui Foundation, is committed to supporting builders and developers in the web3 ecosystem. Together, they will engage in activities that simplify compliance processes for startups, provide advisory support, and generate insights to guide future virtual asset policies in the region.

The partnership includes several initiatives, such as regulatory and licensing educational support by jointly hosted workshops and guidance for startups navigating Dubai’s licensing regime, including advisory sessions and educational materials to guide founders and participants. It also includes ecosystem development, where VARA will support SuiHub MENA’s flagship innovation center based in Dubai through roundtables and strategic engagements with government stakeholders, as well as a joint exploration of research opportunities.

Additionally both entities will co create programs that are aimed at expanding local technical expertise aligned with the regulatory needs of the market. Both will also share anonymized data to assess the sector’s growth and its impact on employment, investment, and economic contributions.

SuiHub MENA will facilitate introductions between VARA and ecosystem projects while contributing insights for economic policy development. Both organizations will explore co-authored research and publications focused on the industry’s evolution.

“At SuiHub MENA, we believe in building strategic and supportive collaborations between regulators and founders.” shared Kristof Lukovich, CEO of SuiHub MENA. “Our collaboration with VARA is a significant forward and aligns with SuiHub MENA’s positive commitment to helping to shape a global benchmark for virtual asset innovation, regulatory clarity, and sustainable growth here in the region.”

Dubai’s VARA updates supervisory mechanisms for VASPs in UAE

Dubai’s VARA updates supervisory mechanisms for VASPs in UAE

The Virtual Assets Regulatory Authority [VARA] has published Version 2.0 of its activity-based Rulebooks, in an efforts to further future proof Dubai’s regulatory framework that balances innovation with robust market safeguards.

As per the press release, the updated Rulebooks include enhanced supervisory mechanisms across the following regulated virtual asset [VA] activities, Advisory services, Broker-dealer services, Custody services, Exchange services, Lending and borrowing services, VA management and investment services and VA transfer and settlement services.


Key refinements in Version 2 include strengthened controls around margin trading and token distribution services, clearer definitions for collateral wallet arrangements, and harmonized compliance requirements across all licensed activities.

Ruben Bombardi, General Counsel and Head of Regulatory Enablement VARA, “Our commitment remains to ensuring that innovation and compliance go hand in hand. These rulebook updates reinforce the foundations of a responsible scalable ecosystem.

The updates are designed to promote greater market discipline, risk transparency, and operational resilience across Dubai’s VA ecosystem.

For example, with regards to VA Management and Investment VASPs, in addition to the requirements of before, they will need to establish, implement and enforce appropriate written internal policies and procedures relating to the ability of clients to have access to and withdraw their Virtual Assets including, but not limited to, during periods of high uncertainty and/or extreme volatility; their assessment of client suitability for relevant products or services, including but not limited to the nature, features, costs and risks of investment services, Virtual Assets or other financial instruments selected for their clients, while taking into account cost and complexity; how they ensure all Staff providing VA Management and Investment Services to clients are sufficiently competent in accordance with Rule II.B.1 of this VA Management and Investment Services Rulebook; and such other policies and procedures as VARA may require from time to time.


In line with global regulatory best practices, a 30-day transition period has been granted to all impacted virtual asset service providers [VASPs], with full compliance required by 19 June 2025. VARA’s Supervision Teams will engage directly with each licensed entity to provide activity-specific guidance as needed.


Prior to this, VARA in coordination with the Dubai Land Department (DLD), had issued an alert regarding entities who have falsely claimed involvement or participation in the pilot phase of the DLD Real estate tokenization project. The tokenization project in question is that launched by DLD in March whose partners include the Dubai VARA regulatory authority and the Dubai Future Foundation through its Sandbox Real Estate. The project will tokenize property deeds to enable the fractional ownership of real estate assets, and was introduced under the Real Estate Innovation Initiative.

With already more than 30 licensed VASP operators, VARA has continuously been advancing its regulations, and rulebooks as well as issuing warnings and alerts to ensure better transparency and compliance.

The Hayvn digital asset saga ends with $8.85 million in fines

The Hayvn digital asset saga ends with $8.85 million in fines

The saga that has engrossed UAE based HAYVN, a digital asset focused financial institution, providing trading, asset Management, custody, and payments previously regulated in ADGM UAE, has ended after more than a year with fines of over $8 million.

The saga which started in December 2023, when Hayvn announced the so called resignation of its CEO Christopher Flinos and the request to make its status inactive in Abu Dhabi ADGM ( Abu Dhabi Global Market), insinuated that the CEO had carried out a huge misconduct, has come to a conclusion with the The Financial Services Regulatory Authority (“FSRA”) regulatory arm of ADGM taking enforcement action following an investigation into serious regulatory breaches and misconduct related to the Hayvn Group of Companies, which operated under the name ‘HAYVN’, its former CEO, Christopher Flinos and related entities. 

In February 2024, Deus X Capital, a $1 billion family office agreed to buy out HAYVN and appointed Richard Crook as new CEO. Deus X Capital purchased the business brand, technology, clients and staff from other HAYVN shareholders.

Today, and as per ADGM FSRA press release, the FSRA’s investigation found serious breaches and misconduct concerning the operations of three related party companies and Christopher Flinos.  As part of its investigation, the FSRA took steps to ensure that no ADGM client assets or money were lost as a result of the relevant misconduct.  

The enforcement action has resulted in the cancellation of Hayvn ADGM’s Financial Services Permission (“FSP”), the prohibition of Christopher Flinos indefinitely from performing any function in a financial services business in ADGM, as well as financial penalties totalling $8.85 million being imposed across the four parties involved.  Details of the total fines imposed are as follows:

  • USD 3.6 million against AC Holding Limited registered in the Cayman Islands (“Hayvn Cayman”), the parent company of a group of entities operating under the name ‘HAYVN’ that provided financial services related to Virtual Assets.
  • USD 3 million against AC Limited (Hayvn) (“Hayvn ADGM”), an ADGM-based subsidiary of Hayvn Cayman, licensed and regulated by the FSRA to conduct specific financial services activities in relation to Virtual Assets.
  • USD 1.5 million against AC Holding Limited (“AC Holding”), a Special Purpose Vehicle (“SPV”) registered with the Registration Authority (“RA”) of ADGM and not licensed by the FSRA to carry out any form of financial services activity in ADGM; unconnected to Hayvn Cayman and Hayvn ADGM.
  • USD 750,000 against Christopher Flinos, the former Senior Executive Officer (“SEO”) of Hayvn ADGM, Chief Executive Officer (“CEO”) of Hayvn Cayman, sole owner and director of AC Holding.

The misconduct and breaches were related to Hayvn ADGM exceeding the scope of its FSP by allowing client transactions to be routed through accounts held by AC Holding, the unregulated SPV entity registered in ADGM, without any appropriate protections being in place.  It failed to establish and maintain adequate systems and controls to manage its operations and risks, as well as to recognize and record all of its client relationships, breaching the FSRA’s Anti-Money Laundering (“AML”) requirements.

The company Hayvn Cayman and AC Holding also carried out significant unlicensed financial services activity in relation to Virtual Assets in ADGM from around October 2018 to around May 2024. 

Hayvn Cayman routed client transactions related to the conversion of Virtual Assets to fiat currency and vice versa through the accounts held and controlled by AC Holding, the SPV that was not licensed by the FSRA and therefore prohibited from conducting any form of financial services activity in ADGM.

 As a result, both Hayvn Cayman and AC Holding were found to have carried out unlicensed payments and arranging services in relation to Virtual Asset activities in ADGM.

 Christopher Flinos played a central role in directing and controlling the unlicensed activity in ADGM and as SEO of Hayvn ADGM and CEO of Hayvn Cayman and as the sole director of AC Holding was found to have been centrally involved in the breaches and misconduct. 

The report notes that Christopher Flinos lacked integrity and failed to take reasonable care to ensure that Hayvn ADGM operated in compliance with the applicable rules and regulations of ADGM, for which he was ultimately responsible as SEO.

Hayvn Cayman, AC Holding and Christopher Flinos created and disseminated false and misleading information about the nature of the transactions related to Virtual Assets routed through AC Holding’s accounts.  This included the provision of over 200 false and misleading documents on AC Holding letterheads to AC Holding’s banking partners to open and then maintain the operation of these accounts.  These documents were produced under the direction of Christopher Flinos with the involvement of both Hayvn Cayman and AC Holding.

Hayvn ADGM, Hayvn Cayman and Christopher Flinos provided false and misleading information to the FSRA in response to requests for information including the nature and scope of the business operations associated with each entity above and specifically AC Holding undermining the integrity of the regulatory process. 

Emmanuel Givanakis, CEO of the FSRA of ADGM, said, “The FSRA will take robust and appropriate enforcement action against individuals and entities that violate our regulatory framework.  In this case, the actions of the entities and individuals involved were particularly serious, as they conducted unauthorised Virtual Asset activities through an unregulated entity based in ADGM.  Furthermore, Christopher Flinos was found to have provided false and misleading information and statements during the investigation.  Such misconduct will not be tolerated and warrants strong regulatory penalties which send a strong message of deterrence. ”

Givanakis added, “To address this serious misconduct, the licence of Hayvn ADGM has been cancelled, significant fines have been imposed on the entities involved, and Christopher Flinos has been prohibited from holding any functions in relation to financial services in ADGM.  The FSRA remains ever-vigilant and committed to holding entities and individuals accountable for their actions and ensuring the integrity of the financial system in ADGM.”

The FSRA of ADGM acknowledges and thanks ADGM’s Registration Authority and the Cayman Islands Monetary Authority (“CIMA”) for their cooperation during its investigation in relation to this matter.

Kazakhstan to cooperate with UAE on CBDCs and crypto regulations

Kazakhstan to cooperate with UAE on CBDCs and crypto regulations

The visit of the National Bank of Kazakhstan to the UAE will lead to exploration of cross border initiatives, collaboration with ADGM and DIFC on digital assets, and learnings from Dubai’s Virtual Asset Regulatory Authority on developing bespoke regulations for digital assets. This comes as the UAE Central Bank launched its digital dirham CBDC which will be available for retail users at the end of 2025.

These comments were made by Binur Zhalenov, Chief Digital Officer of the National Bank of Kazakhstan in a LinkedIn post as he noted that the delegation’s visit was a productive one.

In an official press release, the National Bank of Kazakhstan noted that on March 26-27, the delegation of the National Bank of Kazakhstan and the Agency of Kazakhstan for Regulation and Development of Financial Market (ARDFM) made a visit to the United Arab Emirates (UAE).

During the visit, meetings were held with H.E. Khaled Mohamed Balama, Governor of the Central Bank of the UAE; H.E. Waleed Saeed Abdul Salam Al Awadhi, CEO of the UAE Securities and Commodities Authority; H.E. Ghannam Butti Al Mazrouei, Chairman of the Abu Dhabi Securities Exchange; management of the Mubadala sovereign investment fund, administration of the UAE international financial centers, banking and fintech companies.

In the course of the meeting with the Central Bank of the UAE parties exchanged views on macroeconomic conditions, as well as experiences in financial flows management and digital financial assets regulation. Following the meeting, a Memorandum of Understanding was signed aimed at exchanging best practices in the development of financial markets and FinTech, ensuring cybersecurity, and promoting CBDCs.

An exchange of experiences on the digital financial assets regulation and the development of blockchain technologies took place with the management of the Virtual Assets Regulatory Authority of the UAE.

In cooperation with the AIFC management, a meeting was held with the administrations of Abu Dhabi Global Market (ADGM) and Dubai Financial Centre Authority (DFSA) to discuss approaches to the regulation of the UAE’s international financial centers, as well as the conduct of transactions and mutual settlements within the jurisdictions of these centers.

Following the meeting with the Abu Dhabi Securities Exchange, the parties noted the importance of developing infrastructure in the capital markets and increasing the liquidity of trading products in the exchange market.

In addition, meetings were held with the Mubadala investment holding and First Abu Dhabi Bank on the prospects of expanding investment partnership with Kazakhstan, as well as with regional offices of leading international companies BCG and Microsoft on the creation of infrastructure for the proactive development of AI in the financial market of Kazakhstan.

Crypto Regulations in Kazakhstan

Kazakhstan currently mandates that all crypto transactions occur through the Astana International Financial Center (AIFC), where regulated platforms such as Binance and Bybit operate. However, many transactions still take place outside this framework. More recently Azat Peruaşev, leader of the minority Aq Jol party and member of the Majilis, the lower house of the Kazakhstan parliament, proposed that the country’s central bank and private banks collaborate to create a “crypto bank” to provide a legal platform for operations with cryptocurrencies. Another MP, Ekaterina Smyshlyaeva, proposed legislative reform of digital asset regulations at the same time.

Peruaşev said 90% of crypto operations in Kazakhstan are currently carried out in a legal gray zone. That enables scams, illicit activities, and tax evasion.

The country through the Kazakhstan’s Financial Monitoring Agency (FMA)also recently shut down 36 illegal crypto exchanges, seizing $4.8M in assets to combat money laundering. Authorities blocked 3,500 unlicensed platforms, returning $545K to victims and freezing $120K in assets. Additionally Kazakhstan plans to launch its Digital Tenge CBDC by 2025 integrating it with global payment platforms.

All this comes as Kazakhstan has put laws into place to encourage cryptocurrency miners to establish operations there. Kazakhstan currently produces around 6.17% of the world’s cryptocurrency mining, placing it among the top four nations in the world along with China, the US, and Russia.

Chainlink supports UAE’s tokenization projects registered in ADGM

Chainlink supports UAE’s tokenization projects registered in ADGM

UAE ADGM, the leading International Financial Centre (IFC) of the UAE’s capital, has signed a Memorandum of Understanding (MoU) with Chainlink, the standard for onchain finance, to help advance tokenization frameworks by supporting innovative projects under ADGM’s Registration Authority. Leveraging Chainlink’s technical expertise, industry insights, and a suite of advanced services the entities will maximize the utility of tokenized assets while ensuring regulatory compliance.

Chainlink’s market-leading services, including blockchain interoperability and verifiable data solutions, are facilitating liquidity across global markets, enabling over $19 trillion in transaction value.

Hamad Sayah Al Mazrouei, CEO of ADGM Registration Authority said, “This strategic alliance is a significant step in further solidifying ADGM’s leadership in enabling blockchain innovation and enhancing alignment in the regulatory approach globally. By collaborating with Chainlink, we are aiming to set a global benchmark that spearheads transparency, security, and trust across the blockchain space.

Under the MoU, ADGM and Chainlink will foster a dialogue on regulatory matters in blockchain, AI, and other emerging technologies. The agreement also outlines a series of events and workshops aimed at educating the UAE ecosystem on key topics related to blockchain and AI, such as tokenization, cross-chain interoperability, proof of reserves, and emerging blockchain standards.

Angie Walker, Global Head of Banking and Capital Markets at Chainlink Labs and Senior Executive Officer at Chainlink Labs Abu Dhabi said, “ADGM has developed a robust environment where tokenisation projects can thrive. Our alliance will elevate the blockchain ecosystem in the UAE, driving greater innovation and adoption. We are excited to see projects under the purview of ADGM Registration Authority adopt the Chainlink standard, enabling seamless compliance, enhanced connectivity across markets, and highly secure on-chain services.

Chainlink has been active in the MENA region. In February 2025 Saudi based Oumla, a Layer 1 blockchain platform that allows applications to be built on any blockchain with ease, as well as offers a secure vault infrastructure for storing digital assets announced its partnership with Chainlink.

Major financial market infrastructures and institutions, such as Swift, Fidelity International, and ANZ Bank, as well as top DeFi protocols including Aave, GMX, and Lido, use Chainlink to power next-generation applications for banking, asset management, and other major sectors.

In December 2024, Chainlink Labs, expanded its presence in the Middle East and North Africa (MENA) region, and set up an office and an entity in Abu Dhabi under the Registration Authority of ADGM.

UAE financial center, DIFC, launches tokenization sandbox

UAE financial center, DIFC, launches tokenization sandbox

Dubai Financial Services Authority (DFSA), the regulatory arm of DIFC ( Dubai International Financial Centre) has announced the launch its tokenization regulatory sandbox.

The tokenization regulatory sandbox (TRS), which has two stages: the innovation testing license (ITL) under the tokenization cohort and a DFSA license to enter the program.

As per the press release, the regime asked firms to submit their expression of interest before April 24, 2025.


The tokenization regulatory sandbox will allow firms to test innovative products and services in a controlled environment. The sandbox will also provide an opportunity for firms to test tokenized financial solutions.

It will offer a regulatory pathway from experimentation to full authorization.

The DFSA’s innovation testing license has already been instrumental in supporting fintechs and digital finance pioneers in the DIFC. It will now expand its scope to tokenized investments.

As per the guidelines set by the DFSA, firms who are engaged in the tokenization of financial services such as trading, holding or settling tokenized investments like equities, bonds, sukuk, and collective investment fund units can express their interest in joining.

Additionally, existing DFSA-authorized firms who want to expand into the tokenization field can also apply.

Firms are required to have a strong understanding of the legal and regulatory requirements.

Interested firms will undergo an assessment process, and those that demonstrate strong business models and regulatory understanding may be invited to participate in the DFSA’s tokenization regulatory sandbox, where they will receive tailored regulatory support and structured testing opportunities, under what is called the ITL tokenization cohort.

The ITL tokenization cohort is the DFSA’s version of a regulatory “sandbox” focused on tokenization-related activities.

The announcement comes as more and more tokenization projects flourish in the UAE, with examples including Mantra Blockchain’s recent partnership with DAMAC Holdings to tokenize $1 billion worth of assets.

Additionally, other countries across the GCC and MENA region, such as Qatar have already made great strides with their tokenization and digital asset regulations and labs.

Stobox founder in a recent interview in Cryptopolitan noted that the MENA tokenization market could account for as much as 20% of the expected $30 trillion tokenization market by 2030. Stobox, was one of the 29 blockchain firms that have been accepted into Qatar Financial Centre’s Digital Assets Lab. Ross Shemeliak, the co-founder of the firm, noted that tokenization is taking the world and MENA region by storm.

UAE investors and consumers warned about memecoins by Dubai regulator VARA

UAE investors and consumers warned about memecoins by Dubai regulator VARA

UAE investors and consumers were officially warned about investing in memecoins by Dubai’s Virtual Assets Regulatory Authority (VARA) given the risks associated with advertisements promoting subscriptions to memecoins.

The UAE virtual asset regulator noted that memecoins are unregulated and highly risky in nature. The crypto regulator noted memecoins are highly speculative and volatile assets, frequently subject to market manipulation.

The regulator also stated that these memecoins lack intrinsic value and derive their pricing from social media trends, hype or misleading promotional strategies.

As such investors should exercise caution when presented with claims of unrealistic returns, as these often indicate fraudulent schemes.
There is a risk of significant financial loss within short timeframes due to price collapses, liquidity shortages, or scams.

Moreover VARA added that any virtual asset issuance from Dubai must ensure adherence with VARA Regulations and Rulebooks.
Any promotion, advertising, or solicitation of virtual assets must adhere to VARA’s Marketing Regulations.
Entities engaging in unauthorized virtual asset activities may be subject to enforcement action.

These memecoin platform may also be restricted without prior notice.

ADGM regulatory authority releases consultation paper for security tokens, stablecoins and more

ADGM regulatory authority releases consultation paper for security tokens, stablecoins and more

UAE ADGM regulatory authority, the Financial Services Regulatory Authority (FSRA) has published a consultation paper No.10 to propose amendments on various regulations including those related to virtual assets. The amendments discuss, Digital security tokens, commodity tokens, stablecoins, and utility tokens.

As per the announcement, The proposed miscellaneous amendments result from the FSRA’s desire to simplify, clarify and correct certain requirements where appropriate and necessary, but are also in response to the FSRA’s experience of operating such legislation in practice.

The consultation period will close on 10 December 2024.

Digital Securities

In terms of virtual assets under the title “Regulation of Digital security offerings, virtual assets under the FSMR (ICO Guidance) and its Guidance on Regulation of Digital Securities activity in ADGM, it deals with the FSRA’s treatment of virtual assets and the financial activities that can be conducted in relation to them within ADGM.

The FSRA has defined Virtual Assets in the FSMR, as Digital Securities, which means digital or virtual tokens that have features and characteristics of a Security under the FSMR (such as Shares, Debentures and Units in a Collective Investment Fund).

As such all financial services activities in relation to Digital Securities, such as operating primary / secondary markets, dealing / trading / managing investments in or advising on Digital Securities, are subject to the relevant regulatory requirements under the FSMR.

Virtual assets as Commodities

In addition, market intermediaries and market operators dealing or managing investments in Digital Securities need to be licensed / approved by FSRA as FSP holders (including as Multilateral Trading Facilities), Recognised Investment Exchanges or Recognised Clearing Houses, as applicable “Virtual Assets” such as non-fiat virtual currencies, crypto ‘exchange tokens.

The Guidance also discusses virtual assets treated as commodities where only activities in Accepted Virtual Assets will be permitted.

In terms of capital formation activities, they are not within the virtual asset framework offered by FSRA in ADGM. While Derivatives and Collective Investment Funds of Virtual Assets, Digital Securities and Utility Tokens regulated as Specified Investments under the FSMR will need to be licensed by FSRA as FSP holders.

Utility Tokens

When it comes to Utility Tokens, which means tokens that can be redeemed for access to a specific product or service and are not for investment, they are also not regulated.

Stablecoins

Fiat tokens or stablecoins, which are fully backed by underlying fiat currencies which are used as a payments instrument for the purposes of money transmission will be licensed and regulated by the FSRA as providing money services.

Soter a digital asset insurer, a portfolio company of UAE Further Ventures receives initial regulatory approval from BMA

Soter a digital asset insurer, a portfolio company of UAE Further Ventures receives initial regulatory approval from BMA

A portfolio company of Abu Dhabi based Further Ventures, Soter Insure, a provider of insurance products tailored to the digital asset economy, whose CEO was the former CEO of VARA Dubai ( Virtual Asset Regulatory Authority), has received initial approval from the Bermuda Monetary Authority (BMA), to offer a range of insurance solutions designed specifically for institutions operating in the blockchain and cryptocurrency space.

As per the press release, the approval marks a significant milestone for Soter, enabling the company to address the evolving risk management needs of the digital asset sector.‍

“This regulatory approval is a testament to the vision we share with our partners and the growing need for tailored risk management solutions in the digital asset space,” said Henson Orser, CEO of Soter Insure. “With the rise of institutional adoption of blockchain technology, our products provide a critical layer of security for asset managers, funds, and validators. We are proud to offer coverage that aligns with the assets themselves—whether it’s Bitcoin, Ethereum, or other native currencies—allowing policyholders to be indemnified in the very currency they are seeking to protect.”

Further Ventures noted on LinkedIN, “Our portfolio company Soter Insure has just announced receiving the initial approval from the Bermuda Monetary Authority. Great start for the project as we plan to share more updates and valuable content soon!”

Further Ventures is a venture builder and investment firm based in Abu Dhabi. It supports innovative startups such as fintech, VASPs which include virtual asset payments products, blockchain based asset custody and security solutions, and others. ‍

Soter has offices in Abu Dhabi Global Market Square, Abu Dhabi, United Arab Emirates

Previously UAE headquartered Fuze, a digital assets infrastructure provider, raised a seed round of $14mn, the largest Seed investment in a digital assets startup in the history of the Middle East and North Africa region (MENA) led by Abu Dhabi-based Further Ventures, along with participation by US-based Liberty City Ventures.

Soter’s product suite includes Directors & Officers (D&O) coverage, Asset Loss policies, and a unique Slashing insurance product that protects validators in Proof of Stake networks. Notably, all policies are denominated in the native digital currency being insured. For instance, Ethereum Validator Slashing losses are paid out in Ether, while Bitcoin asset loss policies are settled in Bitcoin—a groundbreaking approach that ensures alignment between the asset at risk and the insurance coverage.

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OKX Middle East publishes new virtual asset standards for listing on its crypto exchange

OKX Middle East publishes new virtual asset standards for listing on its crypto exchange

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.