Crypto.com Receives Dubai VASP License to Broaden Virtual Assets Operations

Crypto.com ‘s Dubai entity has received a Virtual Assets Service Provider (VASP) license from Dubai’s regulatory body Virtual Assets Regulatory Authority (VARA), with full operational approval still pending. Once they receive complete clearance from Dubai’s regulatory body, CRO DAX Middle East FZE, the local entity, will be positioned to offer a range of services including exchange operations, broker-dealer activities, and lending and borrowing solutions for both retail and institutional clients.

In a statement, Kris Marszalek, CEO of Crypto.com, expressed enthusiasm about working alongside Dubai’s regulators to foster the local crypto ecosystem, highlighting the city’s stature as a key player in formulating effective regulations.

Back in March 2022, the exchange identified Dubai as its strategic hub for the Middle East and North Africa (MENA) region. In June 2022, it secured a provisional license, followed by a preparatory license for a minimal viable product (MVP) in March of the current year. VARA Dubai Emerges as a Favored Crypto  Regulatory Hub  

Dubai and the broader UAE have created a clear and transparent regulatory environment that encourages major companies to establish their permanent bases in the region.

Recently, Backpack Exchange — renowned for its all-encompassing web3 wallet — crypto firms acquired a Virtual Asset Service Provider (VASP) license for Exchange Services from VARA.

VARA has been instrumental in leading the charge for the regulation of virtual assets. In 2023, it unveiled a groundbreaking regulatory framework tailored specifically for the virtual asset sector. The issuance of the VASP license underscores their dedication, empowering cryptocurrency enterprises to offer exchange services to a wide-ranging clientele. announced the first virtual asset exchange to attain an operational MVP license in Dubai.

The UAE continues to draw in prominent cryptocurrency exchanges and firms thanks to its forward-thinking regulatory mindset. According to

This summer, crypto exchange Binance became data from blockchain analysis firm Chainalysis, the MENA region has emerged as the fastest-growing cryptocurrency market globally.

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