Breaking News
Investing Pro 0
Free Webinar - The Role of Psychology in Trading - Thursday, December 8, 2022 | 04:00PM EST Enroll Now

Crypto.com Receives Dubai Virtual Assets Regulatory License

Cryptocurrency Jun 03, 2022 07:30AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Crypto.com Receives Dubai Virtual Assets Regulatory License

  • Crypto.com received provisional approval for its Virtual Asset MVP License from the Dubai Virtual Assets Regulatory Authority (VARA).
  • The License was granted following Crypto.com’s submission of required documentation.
  • The company head and Dubai regulators are pleased with this development.

Crypto.com, a Singapore-based cryptocurrency exchange, announced today that it received provisional approval for its Virtual Asset MVP License from the Dubai Virtual Assets Regulatory Authority (VARA).

This license allows Crypto.com to offer a full suite of crypto exchange products and services. The operating license under this specialized program is set to be issued as soon as the firm qualifies for all mandated requirements in the near term.

The Provisional License was granted following Crypto.com’s submission of documentation that outlined its assurance of compliance checks. The company will offer additional products and services to both institutional investors and qualified consumers following further due diligence and the final issuance of the Virtual Asset MVP License by VARA.

Established in March 2022, VARA oversees the issuing, trading, and authorizing of virtual assets in Dubai, regulates cryptocurrency exchanges and service providers, and monitors transactions to ensure the highest standards of consumer protection.

Talking about the VRA with CoinQuora, Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, remarked that the United Arab Emirates is focused on developing a world-leading environment for innovative technology and collaboration. He strongly believes that cryptocurrencies, virtual assets, and blockchain will revolutionize the financial services sector.

Through our Virtual Asset Regulatory Authority and other important initiatives, we are attracting companies to the UAE to build on this vision and enable technologies of the future to flourish here.

Additionally, Helal Saeed Almarri, director-general of the Dubai World Trade Centre Authority that houses VARA, opined that establishing the specialized authority to regulate the virtual assets industry was a pioneering move by Dubai’s leadership.

Kris Marszalek, co-founder and CEO of Crypto.com, expressed his delight by saying: “We are excited to provide more of our products and services in a market of great importance to our business, and one that is equally committed to regulation and compliance. We look forward to working with regulators throughout the region to further expand Crypto.com’s offering and presence in the market.”

This is the latest example of Crypto.com expanding its capabilities in the Middle East and beyond. In March, Crypto.com announced its plans to set up a regional hub in Dubai. Crypto.com is also partnering with the UAE Government via Investopia to collectively advance global financial innovation both within the market and globally.

Continue reading on CoinQuora

Crypto.com Receives Dubai Virtual Assets Regulatory License
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email