Singapore-based cryptocurrency exchange firm Crypto.com achieved a significant milestone as its Dubai entity, CRO DAX Middle East FZE, received a Virtual Assets Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). This marks a strategic move for Crypto.com in the dynamic crypto landscape.
Key Licensing Details and Operational Plans
Crypto.com shared that the VASP License, granted for specified virtual asset service activities, is subject to meeting conditions and localization requirements defined by VARA. Upon receiving operational approval, the license enables Crypto.com to offer regulated virtual asset services, covering exchange, broker-dealer, management, investment, lending, and borrowing services to retail and institutional users in the Dubai market.
The company emphasizes its commitment to cross-border risk assurance and compliance, aligning with VARA’s robust regulatory framework established in February 2023. Crypto.com aspires to become one of the first virtual asset exchanges to operationalize its VASP License.
Dubai: Regional Hub for Crypto.com
Dubai was declared Crypto.com‘s regional hub for the Middle East and Africa in March 2022. The latest licensing development reinforces the strategic significance of Dubai in the company’s global expansion and regulatory compliance initiatives.
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.
— Crypto.com (@cryptocom) November 14, 2023
Kris Marszalek, CEO of Crypto.com, expressed his appreciation for being among the first crypto exchanges granted a VASP License by VARA. He highlighted the company’s dedication to security and compliance, applauding Dubai’s role as a leading market in crafting effective crypto regulations while fostering innovation and adoption.
Global Impact and Collaborative Approach
With over 80 million customers globally, Crypto.com aims to accelerate cryptocurrency adoption through innovation. VARA, established in March 2022, plays a crucial role in regulating virtual assets and activities across Dubai, contributing to the creation of an advanced legal framework that prioritizes investor protection and aligns with international standards.
As Crypto.com progresses toward the final operational approval stage, collaborating with regulators and committing to a borderless economy aligns with Dubai’s vision for a thriving virtual asset ecosystem.