Crypto.com Receives VASP License in Dubai
Crypto exchange Crypto.com has been granted a Virtual Assets Service Provider (VASP) license by Dubai’s regulator, pending operational approval. Once fully approved by Dubai’s Virtual Assets Regulatory Authority (VARA), its local business CRO DAX Middle East FZE can offer retail and institutional investors exchange, broker-dealer, and lending and borrowing services.
Crypto.com is proud to announce that we have been granted a Virtual Asset Service Provider Licence from Dubai’s Virtual Assets Regulatory Authority, building on our position in the UAE market. Learn more: pic.twitter.com/EcgXCGEkMm — Crypto.com (@cryptocom) November 14, 2023
Crypto.com CEO Kris Marszalek expressed excitement about working with regulators to contribute to Dubai’s crypto industry and described the city as a “leading market when designing effective regulation.” In March 2022, the exchange established Dubai as its Middle East and North Africa hub and received a provisional license from VARA in June 2022, followed by a minimal viable product (MVP) preparatory license in March this year.
Hot Take: Expanding Crypto Services in Dubai
Crypto.com’s acquisition of the VASP license in Dubai is a significant milestone that demonstrates the company’s commitment to expanding its crypto services in the Middle East. The approval from VARA will allow Crypto.com to provide a wide range of services to both retail and institutional investors, further solidifying its presence in the UAE market. This move also reflects the growing importance of effective regulation in the crypto industry, with Dubai being recognized as a leading market for developing such regulations. Overall, this development positions Crypto.com as a key player in the region’s crypto ecosystem and sets the stage for future growth and innovation.
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