Crypto.com’s Latest Expansion into Dubai
Crypto.com, the crypto-exchange sponsor of the 2022 FIFA World Cup in Qatar, has successfully obtained a virtual asset service provider (VASP) license in Dubai. This means that Crypto.com’s CRO entity DAX Middle East FZE has been granted a license from the Dubai Virtual Asset Regulatory Authority (VARA).
With this new VASP license, Crypto.com will be able to offer regulated virtual asset service activities such as exchange, broker-dealer, management and investment, lending and borrowing services.
Kris Marszalek, CEO of Crypto.com expressed his excitement at being one of the first crypto exchanges to receive this license and emphasized their commitment to security and compliance.
Cronos (CRO) Price Movement
The news of Crypto.com’s expansion into Dubai has not had a significant impact on the price of Cronos (CRO). Despite reaching a peak of $0.12 on November 11th, CRO has since returned to $0.08. However, it remains at a +15% increase from a week ago. Cronos (CRO) holds the 30th position in the crypto rankings with a total market cap of $2.23 billion.
In the past 24 hours, CRO’s transaction volume has decreased by -35%. The long-term partnership between Cronos blockchain and Crypto.com continues to bring new users to Web3 securely and compliantly.
Other Crypto-Exchanges in Dubai
Binance also announced its new license to operate in Dubai earlier this year, making it the first regulated crypto-exchange for virtual assets in the UAE area. Ripple (XRP) also gained approval from Dubai International Financial Centre (DIFC) licensed companies, allowing them to incorporate XRP into their crypto services.
Hot Take: Crypto.com’s Growth Amidst Market Volatility
The crypto industry is witnessing significant growth despite market volatility. With its latest expansion into Dubai and ongoing partnerships with other crypto entities, Crypto.com continues to solidify its position as a leading player in the global digital asset ecosystem.
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