In a crucial milestone towards promoting its position as a worldwide center for the virtual asset industry, Dubai’s regulatory body has awarded a provisional license to Crypto.com’s Dubai subsidiary, CRO DAX Middle East FZE. Subject to regulatory and operational clearance, a Reuters article claims that this would enable Crypto.com to provide services to individual and institutional clients, including cryptocurrency trading, brokering, investing, and borrowing.
In a major regulatory step forward, Crypto.com’s Dubai subsidiary CRO DAX Middle East FZE has been granted a provisional license by Dubai’s Virtual Assets Regulatory Authority (VARA). Crypto.com will be able to provide a full range of services to the market’s retail and institutional investors once it receives operational clearance for its Virtual Assets Service Provider (VASP) license.
Despite the presence of the Dubai International Financial Centre, the regulatory approval comes as Dubai strives to become a key worldwide hub for the virtual asset industry.
Meanwhile, CEO Kris Marszalek, presenting the update, showed confidence in Dubai’s regulatory structure. He lauded Dubai’s status as a pioneering cryptocurrency market, noting that it has pioneered both the development of sensible rules and the promotion of widespread use and innovation in the field.
In 2022, Crypto.com, which serves over 80 million clients worldwide, followed the rising trend of major industry players picking the Gulf city-state of Dubai as its regional base for the Middle East and North Africa.
This interim license allows Crypto.com to use Dubai as its regional base in the Middle East and North Africa, allowing the company to take advantage of its rapidly growing virtual asset industry. Once the license is active, Crypto.com will be able to provide a variety of services to meet the demands of both individual and institutional investors.
Market analysts agree that this is a calculated step that will help Dubai achieve its goals of becoming a leader in developing sensible crypto regulations and promoting an ecosystem that is receptive to new ideas and widespread acceptance. As a result, significant players in the sector are flocking to the Gulf city-state to be a part of its economic diversification efforts as the city-state becomes a worldwide leader in virtual assets.
