- Crypto.com has won a new crypto license in Dubai.
- The exchange will offer regulated crypto services upon approval.
- Dubai’s crypto policy continues to foster adoption and innovation.
To solidify its presence in the United Arab Emirates (UAE), cryptocurrency exchange Crypto.com is eyeing becoming one of the first firms to offer a range of crypto services under Dubai’s Virtual Assets Regulatory Authority (VARA).
On November 14, the company announced that its Dubai entity, CRO DAX Middle East FZE, has secured VARA’s Virtual Assets Service Provider (VASP) License after fulfilling select conditions and localization requirements.
Crypto.Com to Offer Regulated Crypto Services in Dubai
According to the press release, Crypto.com will be up and running in Dubai once VARA grants the company operational approval. Once approved, the VASP License will allow Crypto.com to offer a range of regulated crypto services to both retail and institutional users via the Crypto.com App and Crypto.com Exchange.
These services include broker-dealer, exchange, management, investment, and lending and borrowing services.
Crypto.com CEO Kris Marszalek welcomed the new license, noting that it underscores the company’s commitment to security and compliance in the digital assets industry.
“It is an incredible honor to be one of the first crypto exchanges to be granted a Virtual Asset Service Provider Licence by VARA.” Marszalek stated, adding,” We are excited to showcase more of our industry-leading products to customers across permissible jurisdictions from Dubai.”
The CEO also lauded Dubai as a leading market with effective crypto regulation policies that foster adoption and innovation.
Dubai’s Crypto Policy
In furthering the vision for a borderless economy, Dubai established VARA under Law No.4 of 2022 to regulate, supervise, and oversee all virtual asset services and activities in the Emirate.
On February 7, VARA issued its Virtual Assets and Related Activities Regulations 2023, a custom-designed framework covering seven regulated crypto activities, including advisory services, broker-dealer services, custodial services, exchange services, lending and borrowing services, payments and remittances services, and VA management and investment services.
Read how Binance expanded to the UAE with Dubai’s crypto-friendly policy:
Binance Expands in Crypto-Friendly Dubai Amid Global Regulatory Scrutiny
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