Crypto.com Set To Receive An Operational License In Dubai

TLDR;

• Crypto.com has won a Preparatory License from Dubai’s Virtual Assets Regulatory Authority.
• The license would allow the platform to operate in Dubai.

Crypto.com To Gain Regulatory Approval In Dubai

Crypto.com, one of the largest crypto exchanges in the world, announced via a blog post on Monday that it is close to receiving an operational license in Dubai. 

The crypto exchange said it had received its MVP Preparatory License from Dubai’s Virtual Assets Regulatory Authority (VARA). The MVP Phase, in its preparatory stage, allows for approved licensees to fulfill all pre-conditions required to undertake MVP market operations within the VARA Regime. 

As soon as the license is operational, Crypto.com will be able to extend its approved suite of duly regulated virtual assets activities spanning a range of crypto exchange services (spot and derivatives), brokerage, margin/leverage trading, and OTC offerings around settlements for institutional investors. 

Crypto.com said this latest development follows the initial provisional approval it received from VARA in June 2022. Crypto.com has received this MVP preparatory license after a detailed review of its key personnel, governance procedures, Anti Money Laundering/Countering the Financing of Terrorism (AML/CFT) capabilities, Know Your Customer (KYC) and Ultimate Beneficial Owner (UBO) policies and procedures, cross-border safety and security measures, and best-in-class compliance practices. 

While commenting on this latest development, Henson Orser, Chief Executive Officer of VARA, said;

“We are pleased to welcome Crypto.com to the MVP Programme preparatory phase. VARA’s regulatory framework will be instrumental in creating and managing a unique, resilient and securely future-proofed ecosystem that delivers a sustainable and thriving global best-in-class VA market with secure cross-border interoperability. As such, participation from credible players like Crypto.com will further our mission of delivering a progressive and future-focused regulatory framework”.  

Kris Marszalek, CEO of Crypto.com, added that;

“This achievement is the next significant step for Crypto.com in an incredibly important market for our business and industry. With the MVP preparatory license, we look forward to continuing to work with regulators in providing customers the most comprehensive and secure crypto experience.”

This latest development comes after Crypto.com received licenses to operate in Brazil and France a few months ago.