Crypto.com’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 Crypto.com 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
Crypto.com 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 Crypto.com’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 Crypto.com, 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 Crypto.com 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, Crypto.com aims to continue its trajectory as a key player in the global crypto landscape.
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