Cryptocurrency exchange Crypto.com announced that its Dubai entity, CRO DAX Middle East FZE, obtained a Virtual Asset Service Provider (VASP) License from Dubai’s Virtual Asset Regulatory Authority (VARA).
Crypto.com announced its Dubai entity, CRO DAX Middle East FZE, was granted a VASP License for “specified virtual asset service activities” by Dubai’s Virtual Asset Regulatory Authority. The Singapore-based exchanges’ license is subject to Crypto.com’s compliance with 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.
https://t.co/vCNztATkNg is proud to announce that we have been granted a Virtual Asset Service Provider Licence pending operational approval from Dubai's Virtual Assets Regulatory Authority, building on our position in the #UAE market.Learn more:https://t.co/0anXDLsxTv pic.twitter.com/SgcqSTSqux
— Crypto.com (@cryptocom) November 14, 2023
Crypto.com Services Available to Retail and Institutional Users After Operational Approval
Suppose Crypto.com complies with VARA’s terms and receives operational approval. In that case, 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, and Crypto.com has worked diligently to comply with the regulatory framework.
Crypto.com’s CEO, Kris Marszelek, commented on the news:
“It is an incredible honour to be the one of the first crypto exchanges to be granted a Virtual Asset Service Provider Licence by VARA, and it further proves our company’s commitment to security and compliance.”
Adding;
“Dubai continues to show it is a leading market when designing effective regulation for the crypto space while still supporting adoption and innovation. We are excited to showcase more of our industry-leading products to customers across permissible jurisdictions from Dubai, and look forward to working with regulators contributing to this thriving ecosystem.”
The company received its MVP Provisional License in June 2022 and an MVP Preparatory License in March 2023.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
