Dubai-Based Crypto.com Branch Receives VASP License
You may be interested to know that the Dubai-based branch of Crypto.com, CRO DAX Middle East FZE, has been granted a virtual asset service provider (VASP) license for specific virtual asset servicing activities. This means that Crypto.com has met the requirements set by the Dubai Virtual Assets Regulatory Authority (VARA) and is now able to offer a range of virtual asset services to retail and institutional users in the marketplace through its app and web version. These services include exchange services, broker-dealer services, management and investment services, and lending and borrowing services. The CEO of Crypto.com, Kris Marszalek, expressed excitement about expanding their products in permissible jurisdictions from Dubai and working with regulators to contribute to the thriving ecosystem.
Impressive Regulatory Approvals for Crypto.com
In addition to the VASP license from VARA, Crypto.com has also received a payment institution license from the Central Bank of Brazil and permission to operate crypto assets in the UK. This comes after the company received preliminary approval to operate from VARA in March under their MVP program, demonstrating their commitment to meeting regulatory standards. VARA emphasized that having credible players like Crypto.com contributes to the development of a progressive regulatory framework for virtual assets.
Hot Take: Expanding Opportunities for Crypto.com
Crypto.com’s recent regulatory approvals mark significant progress for the company as it expands its presence in various global markets. With licenses in Dubai, Brazil, and the UK, Crypto.com is well-positioned to offer a wide range of virtual asset services to users while complying with regulatory requirements. This not only enhances the company’s credibility but also opens up new opportunities for customers looking to engage in virtual asset activities through a trusted platform.
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