Dubai’s Crypto.com Secures Regulatory Approval
The Dubai-based entity of Crypto.com has obtained regulatory approval in the form of a Virtual Assets Service Provider (VASP) license from the city’s regulatory authority. This milestone underscores Crypto.com’s commitment to regulatory compliance and positions the platform as a key participant in meeting the growing demand for virtual asset services in Dubai.
This VASP license will allow Crypto.com to offer services to individual and institutional investors, including exchange services, broker-dealer services, investment services, as well as lending and borrowing services.
Crypto.com CEO Highlights Dubai’s Role
Kris Marszalek, CEO of Crypto.com, praised Dubai for developing sensible rules for the cryptocurrency industry while encouraging market uptake and innovation. He emphasized the honor of being one of the first crypto exchanges to be granted a VASP license by VARA, further proving the company’s commitment to security and compliance.
Dubai Emergence As A Cryptocurrency Oasis
Dubai is known for its high-end retail establishments, innovative buildings, and vibrant nightlife. The city’s appeal lies not only in its progressive approach to cryptocurrency but also in its efforts to establish a regulatory framework that provides clarity and stability for businesses operating in the digital assets realm.
According to Alex Chehad, general manager of Binance Dubai, the UAE and Dubai have established a transparent legal structure for cryptocurrency companies to adhere to. This has led major companies such as Binance to establish permanent offices in the region.
Hot Take: Dubai’s Growing Crypto Appeal
Dubai’s emergence as a highly coveted destination for crypto businesses seeking legal clarity and a conducive regulatory environment is evident. The city is viewed as an attractive and crypto-friendly jurisdiction, positioning itself as a rising digital assets hub within the Middle East.
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