Hassan Maishera
TL;DR
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Cryptocurrency exchange Crypto.com has received its operating license in Dubai
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This comes after the company completed its s licensing process in Singapore in June.
Crypto.com Now Fully Licensed In Dubai
Crypto.com, one of the leading cryptocurrency exchanges in the world, announced via a blog post on Monday that it has been granted a license to operate specified virtual asset service activities in Dubai.
However, the exchange said the licence is subject to the fulfilment of pre-operating conditions and qualifying for operational approval. The license was issued by Dubai’s Virtual Assets Regulatory Authority (VARA) and was granted to its Dubai entity, CRO DAX Middle East FZE, which received a minimal viable product (MVP) preparatory approval from Dubai’s Virtual Assets Regulatory Authority (VARA) earlier this year.
The VASP Licence will allow Crypto.com to offer regulated virtual asset service activities, including exchange services, broker-dealer services, management and investment services, and lending and borrowing services.
The cryptocurrency exchange added that these services will be available to retail and institutional users in-market via the Crypto.com App and Crypto.com Exchange.
While commenting on this latest development, Kris Marszalek, CEO of Crypto.com, said,
“It is an incredible honour to be 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. 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.”
Crypto.com has been expanding its base globally. Earlier this year, the cryptocurrency exchange completed its licensing process in Singapore and also gained regulatory approval in the Netherlands, U.K., France and Brazil.
The expansion comes despite the company facing challenges as it suffered workforce cuts in recent months.
