By Tom Blitzer
Key Insights:
- Crypto.com secures Dubai VASP license, advancing its services for investors in a thriving market.
- Dubai’s commitment to cryptocurrency leadership is underscored as it welcomes Crypto.com’s regulatory milestone.
- Crypto.com’s strategic expansion in the Middle East highlights its dedication to compliance and growth, boosting Dubai’s crypto-friendly reputation.
In a significant regulatory achievement, Crypto.com’s Dubai branch, CRO DAX Middle East FZE, has secured a provisional Virtual Assets Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). This move marks a substantial step forward for the company. Consequently, once it receives operational clearance, Crypto.com will offer comprehensive services to retail and institutional investors.
Dubai’s Commitment to Cryptocurrency Leadership
Dubai, aspiring to be a global virtual asset industry hub, welcomes this development despite the established presence of the Dubai International Financial Centre. Significantly, the approval underscores the city’s commitment to becoming a leader in the cryptocurrency space.
CEO Kris Marszalek expressed confidence in Dubai’s regulatory framework. He praised the city for being at the forefront of developing sensible cryptocurrency regulations and fostering innovation and widespread adoption.
Following operational approval, Crypto.com’s VASP license will enable the company to provide various virtual asset services. These include exchange services, broker-dealer functions, management and investment services, and lending and borrowing options. These services will cater to retail and institutional users through the Crypto.com App and Exchange.
Crypto.com’s Strategic Expansion in the Middle East
Crypto.com is actively pursuing to operationalize its VASP License, a testament to its dedication to cross-border risk assurance and compliance. This follows the company’s reception of its MVP Provisional Licence in June 2022 and MVP Preparatory Licence in March 2023. Moreover, Dubai was announced as its regional hub for the Middle East and Africa in March 2022.
Marszalek noted, “It is an incredible honor to be one of the first crypto exchanges to be granted a Virtual Asset Service Provider Licence by VARA. This further proves our company’s commitment to security and compliance.” He highlighted Dubai’s role in shaping effective crypto regulation while encouraging adoption and innovation.
Brad Garlinghouse of Ripple also commended Dubai’s global leadership in attracting entrepreneurship through clear regulatory frameworks and pro-innovation policies. This was a factor in choosing Dubai for their Swell event.
Over recent months, Dubai’s regulatory body has granted operational licenses to various crypto exchanges and firms, including Komainu, Backpack Exchange, and WadzPay. This trend signifies Dubai’s rising prominence in the global crypto landscape.
Hence, with Crypto.com’s latest regulatory milestone in Dubai, the company reinforces its position in a market that is rapidly becoming a key player in the virtual asset industry. This move bolsters Crypto.com’s presence and contributes to Dubai’s growing reputation as a crypto-friendly destination.
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