Crypto.com has obtained a VASP License from Dubai’s VARA and is proceeding to the final stage of regulatory approval for virtual asset services in the region. The crypto exchange announced this development in an official statement published on November 14, 2023.
In the statement, crypto.com noted that the licence positions it to offer a comprehensive range of regulated crypto services in Dubai once it fulfils all the requirements outlined by VARA and obtains operational approval.
These services, which will be available to both retail and institutional customers, include cryptocurrency exchange, brokerage, asset management, lending, and borrowing. Crypto.com plans to deliver these services through its app and exchange platform.
The journey to this license began when Crypto.com received provisional licensing from VARA in June 2022. Since then, the exchange has diligently worked to meet all regulatory prerequisites, showcasing its commitment to cross-border risk assurance and compliance. In March 2023, the regulator granted Crypto.com an MVP Preparatory Licence, further solidifying its progress.
This licence also marks a significant milestone for Crypto.com in its expansion drive, as it announced Dubai as its hub for the Middle East and Africa. With regulatory approval in hand, the company will be able to offer more of its crypto products to customers across permissible jurisdictions from Dubai.
Crypto.com joins Binance, Nomura and OKX as one of the few companies that have applied to receive regulatory approval under Dubai’s new framework for regulating crypto assets and related service providers.
Kris Marszalek, CEO of Crypto.com, expressed excitement about being one of the first companies to gain a VASP Licence under Dubai’s new crypto regulations introduced in February 2023. He stated, “It further proves our company’s commitment to security and compliance. Dubai continues to show it is a leading market in designing effective regulation for the crypto space while still supporting adoption and innovation.”
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