Crypto.com Receives Provisional License In Dubai
Dubai’s regulatory authority has granted a provisional license to Crypto.com’s Dubai entity, CRO DAX Middle East FZE. This milestone will enable Crypto.com to offer a range of services, including crypto exchange, broker-dealer, investment, and lending and borrowing services to both retail and institutional investors in Dubai.
CEO Kris Marszalek Discusses The Update
Crypto.com’s CEO Kris Marszalek expressed confidence in Dubai’s regulatory framework. He emphasized Dubai’s role as a leading market in crafting effective regulations for the cryptocurrency space, all while encouraging adoption and fostering innovation. With more than 80 million global customers, Crypto.com designated Dubai as its regional hub for the Middle East and North Africa earlier in 2022.
Dubai’s Transformation into a Virtual Asset Powerhouse
With the granting of this provisional license, Crypto.com is set to leverage Dubai as its regional hub for the Middle East and North Africa, tapping into the burgeoning virtual asset sector. The license will empower Crypto.com to extend a range of services, catering to the diverse needs of both retail and institutional investors. This strategic move aligns with Dubai’s ambitions to pioneer effective regulation in the crypto space while nurturing an environment conducive to adoption and innovation.
Hot Take: Dubai’s Virtual Asset Sector Continues to Thrive
Dubai continues to establish itself as a leading global hub for the virtual asset sector, excluding the Dubai International Financial Centre. With major industry players choosing the Gulf city-state and effective regulation in place, Crypto.com’s licensing is a significant milestone that highlights the growing influence of Dubai in the virtual asset landscape.
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