Crypto.com Secures Nod to Offer Crypto Services in Dubai

Fazzaco learned that Crypto.com, the world's fastest growing cryptocurrency platform, announced on Friday that it has received provisional approval of its Virtual Asset MVP License from the Dubai Virtual Assets Regulatory Authority (VARA). With the new license, Crypto.com can offer a full suite of crypto exchange products and services. 

VARA, Dubai's digital assets regulator, was founded in March 2022. The watchdog oversees the issuing, trading and authorizing of virtual assets in Dubai, regulates cryptocurrency exchanges and service providers, and monitors transactions to ensure the highest standards of consumer protection. 

According to the press release, the Provisional License came after the company submitted the documentation outlining its assurance of compliance checks. "The operating license under this specialised programme is set to be issued as soon as the firm qualifies for all mandated requirements in the near-term," the company said. 

Moreover, Crypto.com noted that it will offer additional products and services to both institutional investors and qualified consumers after VARA granted the final issuance of the Virtual Asset MVP License.

H.E. Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, said: "The United Arab Emirates is focused on developing a world-leading environment for innovative technology and collaboration, and we believe the cryptocurrencies, virtual assets and blockchain will revolutionize the financial services sector. Through our Virtual Asset Regulatory Authority and other important initiatives, we are attracting companies to the UAE to build on this vision and enable technologies of the future to flourish here.”

"We are excited to provide more of our products and services in a market of great importance to our business, and one that is equally committed to regulation and compliance," said Kris Marszalek, Co-Founder and CEO of Crypto.com. "We look forward to working with regulators throughout the region to further expand Crypto.com's offering and presence in the market.”

Dubai has attracted leading crypto companies since its approval of a new law that regulates virtual asset businesses including trading and custody services in early March. When Crypto.com recently focused on the country as part of its international expansion, Binance and Bybit has received approval to conduct virtual asset businesses in Dubai.