Singapore-based cryptocurrency exchange Crypto.com has been granted a license to operate certain virtual asset servicing activities in Dubai by the Dubai Virtual Assets Regulatory Authority (VARA).
Cryptocurrency Exchange Crypto.com Receives Virtual Asset License from Dubai
The license was granted to Dubai entity CRO DAX Middle East FZE, which received minimum viable product (MVP) readiness approval from VARA.
Crypto.com is currently in the third phase of the licensing process, but the company will need to meet localization requirements and conditions to become operational.
The exchange will then receive operational approval to provide “exchange services, broker-dealer services, management and investment services, and lending and borrowing services.”
The Netherlands, the UK, France and Brazil are among the countries where Crypto.com has won regulatory victories. However, the stock market also experienced workforce disruptions and difficulty maintaining fiat flows during the recent banking crisis.
Dubai obliged crypto firms to obtain authorization and relevant licenses to operate in February 2023. Laser Digital, the digital asset subsidiary of financial services giant Nomura, recently received an operating permit.
“Being one of the first crypto exchanges to be granted a Virtual Asset Service Provider License by VARA is an incredible honor and further proves our company's commitment to security and compliance,” said Kris Marszalek, CEO of Crypto.com.
*This is not investment advice.