- 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.