Dubai’s virtual asset regulator, VARA, has cautioned investors about the virtual asset exchange OPNX (opnx.com), which launched on April 4th, 2023. According to VARA, OPNX is not under its regulation, and any operations conducted by them in Dubai are unregulated. The exchan...
According to VARA, OPNX is not under its regulation, and any operations conducted by them in Dubai are unregulated.
The exchange claims to offer exchange services for complex virtual asset products, such as derivatives and tokenized bankruptcy claims, which have not been reviewed by VARA and may not be suitable for all investors.
As a matter of fact, Dubai Law No. (4) of 2022 mandates that all virtual asset activity must be regulated to be permissible in this jurisdiction. Therefore, OPNX is not legally authorized to offer any virtual asset services in Dubai.
The goal is to establish a minimum standard of compliance across core regulatory domains while taking into account the specific risks of each activity.