Crypto.com Advances Crypto Exchange Landscape: VARA Provides Licence in Dubai

In a groundbreaking development for the cryptocurrency industry, Crypto.com’s Dubai entity, CRO DAX Middle East FZE, has achieved a significant milestone by securing a Virtual Assets Service Provider (VASP) Licence from Dubai’s Virtual Assets Regulatory Authority (VARA). This announcement on November 14, 2023, establishes Crypto.com as a pioneering force among crypto exchanges in Dubai, a city celebrated for its progressive stance on cryptocurrency regulation.

Crypto.com Advances Crypto Exchange Landscape: VARA Provides Licence in Dubai

Crypto Exchange in Dubai Takes a Leap Forward

Dubai’s reputation as a crypto-friendly hub is further solidified as Crypto.com receives the coveted VASP Licence. This license, contingent upon fulfilling pre-operating conditions and obtaining operational approval, empowers Crypto.com to offer a spectrum of regulated virtual asset services. These include exchange services, broker-dealer services, management and investment services, as well as lending and borrowing services. Post-operational approval, these services will be accessible to retail and institutional users in the Dubai market through the Crypto.com App and Crypto.com Exchange.

Crypto.com: Navigating the Regulatory Landscape

Crypto.com is at the forefront of becoming one of the inaugural virtual asset exchanges to operationalize its VASP Licence, aligning seamlessly with the specialized regulations established by VARA in February 2023. This proactive approach underscores Crypto.com’s dedication to cross-border risk assurance and compliance within VARA’s robust regulatory framework. The company’s journey towards operational approval commenced with the receipt of its MVP Provisional Licence in June 2022 and MVP Preparatory Licence in March 2023.

Dubai: A Regional Hub for Crypto Innovation

Since designating Dubai as its regional hub for the Middle East and Africa in March 2022, Crypto.com has strategically expanded its presence in the city. The recent acquisition of the VASP Licence further cements Dubai’s status as a leading market for crypto regulation, harmonizing effective oversight with a commitment to fostering innovation.

Kris Marszalek, CEO of Crypto.com, expressed excitement about being among the first crypto exchanges to receive the VASP Licence from VARA. “It further proves our company’s commitment to security and compliance,” Marszalek stated. He highlighted Dubai’s role as a forward-thinking market, designing effective regulations while actively supporting crypto adoption and innovation.

A Commitment to Security and Compliance

Established in 2016, Crypto.com has garnered the trust of over 80 million customers worldwide, standing out as an industry leader in regulatory compliance, security and privacy. With a vision of “Cryptocurrency in Every Wallet™,” Crypto.com is dedicated to accelerating cryptocurrency adoption through innovation. The company seeks to empower the next generation of builders, creators and entrepreneurs, fostering a fairer and more equitable digital ecosystem.

VARA: Pioneering Virtual Asset Regulation

VARA, instituted in March 2022 following the enactment of Law No.4 of 2022, plays a pivotal role in regulating, supervising, and overseeing virtual assets and related activities in Dubai. Operating across all zones in the Emirate of Dubai (excluding the Dubai International Financial Centre), VARA contributes significantly to developing Dubai’s advanced legal framework. It ensures investor protection and establishes international standards for governing the virtual asset industry. The close association with VARA underscores Dubai’s commitment to providing a secure and thriving crypto ecosystem.

Read more: RAK Digital Assets Oasis: Pioneering a New Digital Frontier in the UAE

VARA in Dubai: Pioneering Virtual Asset Regulation

Dubai’s Crypto Landscape: Present and Future

With the announcement, Crypto.com now joins the ranks of elite crypto exchanges holding licenses in Dubai. This achievement positions Crypto.com as a key player in Dubai’s dynamically evolving crypto landscape, which has become a magnet for major industry players.

The regulatory clarity provided by VARA, coupled with the issuance of the VASP Licence, underscores Dubai’s commitment to nurturing a robust and secure crypto ecosystem. As Crypto.com progresses towards operationalizing its license, Dubai becomes an increasingly attractive destination for crypto enthusiasts and investors alike.

In conclusion, Crypto.com’s acquisition of the VASP Licence in Dubai marks a significant leap for the cryptocurrency industry. As the company moves towards operational approval, it is poised to contribute to Dubai’s vision of a borderless economy. Moreover, Crypto.com is set to showcase its industry-leading products to customers across permissible jurisdictions from its Dubai base, solidifying Dubai’s status as an innovative regulatory model for other jurisdictions to emulate.

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