Crypto.com has achieved a significant milestone by obtaining a license from Dubai’s regulatory authority to offer services in the country through its arm CRO DAX Middle East FZE.
Significance of Crypto.com’s Recent License
The recent acquisition of the Virtual Assets Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA) is a major step for Crypto.com. The license will enable the firm to meet conditions and localization requirements set by VARA, allowing them to launch operations once they receive operational approval notice. This will also allow them to offer regulated virtual asset service activities in Dubai, including exchange, broker-dealer, management and investment, and lending and borrowing services for retail and institutional users through the Crypto.com Exchange and App.
The company also highlighted Dubai as its regional hub for the Middle East and Africa, with CEO Kris Marszalek emphasizing Dubai’s role in creating effective regulation for the crypto space.
Since VARA released its specialized regulations for virtual assets in February 2023, Crypto.com has been working to operationalize its VASP Licence. The recent acquisition marks a significant achievement for the company.
In March, Crypto.com also acquired an MVP Preparatory Licence from the Dubai regulatory authority.
Latest License Might Propel Cronos (CRO) Price
Cronos (CRO) has seen impressive price surges recently, reaching $0.1 before falling back to $0.088. Despite this, the recent milestones achieved by Crypto.com have not had an immediate impact on CRO. However, the license could potentially lead to larger adoption for CRO, which might help it regain momentum as the native token of Crypto.com.
Hot Take: Potential Impact on CRO’s Price
The recent licensing achievement by Crypto.com in Dubai has the potential to drive further adoption of CRO. While there hasn’t been an immediate impact on CRO’s price, the expanded services offered through the license could lead to increased demand for the token, potentially driving its price upwards in the future.
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