The Dubai Virtual asset regulatory authority, has issued a formal letter of reprimand to OPNX the tokenized exchange for bankrupt crypto entities,  and its founders for carrying out virtual asset Exchange Services on an unregulated basis in Dubai; and for marketing, promoting and/or advertising OPNX services and its native token [FLEX] without the necessary permits from VARA. Dubai virtual asset regulator in February 2023 became aware that OPNX exchange was soliciting, and collecting personal data from the public to participate in its new (to be launched) exchange. Through social media platforms, OPNX had been engaged in marketing the exchange without establishing warranted restrictions for residents of Dubai/UAE. The announcement on VARA goes on to note, “Then on April 4 th   OPNX launched the exchange on opnx.com, providing VA Exchange services – a regulated activity under the VARA regime, without securing any regulatory licenses, and as such operating in contravention of local

  UAE virtual asset regulator in Abu Dhabi,   FSRA (Financial Services Regulatory Authority) of ADGM ( Abu Dhabi Global Market) has enhanced its capital markets framework, allowing for the trading of NFTs   (Non Fungible tokens) on virtual asset regulated platforms, This means that MTFs/Custodians (Multilateral trading Facilities) operating within ADGM are now able to seek approval from the FSRA to engage in Non-Fungible Token (NFT) activities. As per the news, these are considered significant enhancements to its capital markets framework, across spot commodities, securities, derivatives, benchmarks, environmental instruments and virtual assets that will further improve on its innovative and progressive regime and leadership in financial markets. Alongside its innovative approach to virtual assets, the ADGM has now implemented its regulatory framework for spot commodity and environmental instrument activities, making it the first international financial centre in the MENA region to