Crypto.com granted Dubai crypto license
The license is pending operational approval and allows Crypto.com’s Dubai entity to offer exchange, broker-dealer, and lending and borrowing services.
Crypto exchange Crypto.com’s Dubai entity was granted a Virtual Assets Service Provider (VASP) license by the city’s regulator, pending operational approval.
In a Nov. 14 press release, Crypto.com said that once fully approved by Dubai’s Virtual Assets Regulatory Authority (VARA), its local business CRO DAX Middle East FZE can offer retail and institutional investors exchange, broker-dealer, and lending and borrowing services.
https://t.co/vCNztATkNg is proud to announce that we have been granted a Virtual Asset Service Provider Licence from Dubai's Virtual Assets Regulatory Authority, building on our position in the #UAE market.
— Crypto.com (@cryptocom) November 14, 2023
Learn more:https://t.co/0anXDLsxTv pic.twitter.com/EcgXCGEkMm
Crypto.com CEO Kris Marszalek said in a statement that it looks forward to working with regulators to contribute to Dubai’s crypto industry and said the city is a “leading market when designing effective regulation.”
In March 2022, the exchange pinned Dubai as its Middle East and North Africa hub. It received a provisional license from VARA in June 2022, followed by a minimal viable product (MVP) preparatory license in March this year.
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