secures Virtual Asset Service Provider license in Dubai

November 14, 2023 08:43 PM AEDT | By Invezz
Follow us on Google News:’s Dubai-based entity, CRO DAX Middle East FZE, has successfully obtained a Virtual Assets Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA), pending operational approval.

This significant development positions to offer a range of virtual asset services, including exchange, broker-dealer, and lending and borrowing services, pending regulatory green light.

Licensing process in Dubai has progressed through the rigorous crypto regulatory stages in Dubai, starting with a provisional permit granted in June 2022, followed by a Minimal Viable Product (MVP) preparatory license in March 2023.

The recent issuance of the VASP license underscores the company’s commitment to compliance and adherence to the regulatory framework set by VARA.

Dubai becoming a crypto hub

Dubai, declared as’s Middle East and North Africa hub in March 2022, has become an increasingly attractive destination for crypto businesses seeking regulatory clarity. The city’s regulatory environment, outlined in February 2023, mandates crypto firms to obtain authorization and relevant licenses.

Unlike certain jurisdictions facing regulatory uncertainties, Dubai provides a clear framework, making it an appealing choice for establishing permanent headquarters.

Kris Marszalek, CEO of, expressed gratitude for being among the first crypto exchanges to receive the VASP license from VARA. Acknowledging Dubai’s role as a leading market in effective regulation design, he looks forward to contributing to the city’s thriving crypto ecosystem.

This move by aligns with the trend of crypto companies looking to Dubai as a hub for expansion, given its regulatory clarity and supportive framework. With regulatory victories in various countries and operational progress in Dubai, aims to continue its trajectory as a key player in the global crypto landscape.

The post secures Virtual Asset Service Provider license in Dubai appeared first on Invezz


The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.

Top ASX Listed Companies

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK