Crypto.com Secures License for Virtual Asset Services in Dubai

The official granting of a license to Crypto.com to carry out specific virtual asset service operations in Dubai is a noteworthy step. The license being granted to its Dubai-based company, CRO DAX Middle East FZE, is what led to the approval. The Virtual Assets Regulatory Authority (VARA) of Dubai had earlier granted this organization preliminary permission for a minimum viable product (MVP) in March.

Stages of Licensing Process

Obtaining a complete license is a multi-step procedure that requires an operational license, a preparation license, and a provisional permission. With success, Crypto.com has advanced to the third and last round of this extensive regulatory procedure. Before starting operations in Dubai, the exchange must, however, satisfy certain standards related to localization and fulfill certain conditions.

After the regulatory procedure is over, Crypto.com will be able to provide a number of services, including as loan and borrowing services, exchange services, broker-dealer services, management, and investment services. Adding to Crypto.com’s global license triumphs, this regulatory accomplishment in Dubai comes after permits in Singapore, the Netherlands, the United Kingdom, France, and Brazil.

Crypto.com has encountered difficulties despite these legislative wins, including as staff reductions and trouble keeping fiat on-ramps operational amid a recent financial crisis. The company’s dedication to security and compliance is evidenced by its license in Dubai.

In February 2023, Dubai enacted legislation requiring cryptocurrency companies to seek authorization and necessary permits in order to conduct business inside the area. Another organization that just obtained an operating authorization in Dubai is Laser Digital, the digital asset arm of the massive financial services company Nomura.

Kris Marszalek, CEO of Crypto.com, expressed the significance of this achievement, stating, “It is an incredible honor to be one of the first crypto exchanges to be granted a Virtual Asset Service Provider Licence by VARA, and it further proves our company’s commitment to security and compliance.”