Singapore Cryptocurrency Exchange Company Crypto.com announced on Tuesday that its Dubai entity, CRO DAX Middle East FZE, has been granted a Virtual Asset Service Provider (VASP) license for specific virtual asset servicing activities by the Dubai Virtual Asset Regulatory Authority (VARA) .
Crypto.com said in a statement that its VASP license is subject to the company fully complying with the selected conditions and localization requirements defined by VARA, and will be able to commence operations thereafter subject to the regulator's operational approval notice.
Upon operational approval, the VASP license will allow Crypto.com to offer regulated virtual asset services activities, including exchange services, brokerage services, management and investment services, and lending and borrowing services.
These services will be available to retail and institutional users in the market through the Crypto.com app and Crypto.com Exchange.
Crypto.com said the company is working diligently to become one of the first virtual asset exchanges to operationalize its VASP license following VARA's issuance of its specialized regulations for virtual assets in February 2023.
This milestone showcases Crypto.com's commitment to cross-border risk assurance and compliance with the robust framework implemented by VARA as the company works towards the final operational approval stage, and follows the company receiving its provisional MVP license in June 2022 and its MVP preparatory license in March 2023.
Crypto.com also announced Dubai as its regional hub for the Middle East and Africa in March 2022.
โIt is an incredible honor to be one of the first crypto exchanges to receive a virtual asset service provider license from VARA, and further demonstrates our company's commitment to security and compliance,โ said Kris Marszalek, CEO of Crypto. com.
โDubai continues to demonstrate that it is a leading market in designing effective regulation for the crypto space while supporting adoption and innovation.
"We are excited to showcase more of our industry-leading products to customers in all permitted jurisdictions from Dubai, and look forward to working with regulators who contribute to this thriving ecosystem," he added.
Founded in 2016, Crypto.com is used by over 80 million customers worldwide.
The firm is committed to accelerating cryptocurrency adoption through innovation and empowering the next generation of builders, creators and entrepreneurs to develop a more fair and equitable digital ecosystem.
Established in March 2022, VARA is the competent entity responsible for regulating, supervising and supervising virtual assets (VA) and VA activities in all areas of the Emirate of Dubai, including Special Development Zones and Free Zones, but excluding the Dubai International Financial Centre. .
VARA plays a central role in creating Dubai's advanced legal framework to protect investors and set international standards for the governance of the virtual asset industry, while supporting the vision of a borderless economy.
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