Crypto.com Obtains VASP License in Dubai
Crypto.com has announced that its Dubai entity, CRO DAX Middle East FZE, has been granted a Virtual Asset Service Provider (VASP) License from Dubai’s Virtual Asset Regulatory Authority (VARA). The license is subject to certain conditions and localizations defined by VARA.
The exchange’s Dubai entity may commence operations if it satisfies VARA’s requirements and will be subject to operational approval notice from the regulator afterwards.
According to a tweet by Crypto.com, the company is proud to have been granted a Virtual Asset Service Provider Licence pending operational approval from Dubai’s Virtual Assets Regulatory Authority, building on its position in the UAE market.
Crypto.com Services Available to Retail and Institutional Users After Operational Approval
If Crypto.com complies with VARA’s terms and receives operational approval, its VASP license will allow it to offer certain regulated virtual asset services such as exchange services, broker-dealer services, management and investment services and lending and borrowing services.
In February, VARA issued specialized regulations for virtual assets, which Crypto.com has worked diligently to comply with.
Crypto.com’s CEO, Kris Marszelek, commented on the news, stating that being one of the first crypto exchanges to be granted a Virtual Asset Service Provider Licence by VARA further proves the company’s commitment to security and compliance.
He also expressed excitement about showcasing industry-leading products in permissible jurisdictions from Dubai and working with regulators in the thriving ecosystem.
Hot Take: Crypto.com Continues Expansion into Regulated Markets
Crypto.com’s acquisition of a VASP License in Dubai demonstrates its dedication to expansion into regulated markets while maintaining a strong commitment to security and compliance. This move positions Crypto.com as a leading player in the UAE market and showcases its readiness to work with regulators in contributing to a thriving crypto ecosystem.
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