Dubai’s virtual asset regulator, VARA has issued an alert and warning with regards to virtual asset exchange OPNX (opnx.com) which launched on April 4 th 2023. As per VARA’s announcement investors should note that OPNX is not regulated by VARA and any activity being carried out by them in Dubai is being performed on an unregulated basis. The warning adds that while OPNX.com claims to offer exchange services for complex VA products including but not limited to derivatives and tokenized bankruptcy claims. These products have not been reviewed by VARA, and may not be suitable for all investors; As per Dubai Law No. (4) of 2022: mandates that all VA Activity must be regulated in order to be deemed permissible in this jurisdiction, and as such, OPNX is not legally authorised to provide any VA services from/in the Emirate of Dubai; and Cabinet Resolution No. 111/2022: advises the market to not engage with unregulated VASPs Any promotions, advertising, solicitation a...