Crypto.com announced that its Dubai entity, CRO DAX Middle East FZE, has been granted a Virtual Assets Service Provider (VASP) License “for specified virtual asset service activities by Dubai’s Virtual Assets Regulatory Authority (VARA).”
Crypto.com’s VASP License is “subject to the Company fully satisfying select conditions and localization requirements defined by VARA, and will be able to commence operations thereafter subject to operational approval notice from the regulator.”
Following operational approval, the VASP License will “allow Crypto.com to offer regulated virtual asset service activities, including exchange services, broker-dealer services, management and investment services, and lending and borrowing services.”
These services will be “available to retail and institutional users in-market via the Crypto.com App and Crypto.com Exchange.”
Crypto.com is working diligently “to become one of the first virtual asset exchanges to operationalize its VASP License following VARA’s issuance of its specialised regulations for virtual assets in February 2023.”
This milestone exhibits Crypto.com’s commitment “to cross-border risk assurance and compliance with the robust framework implemented by VARA as the firm works towards the final operational approval stage, and follows the company receiving its MVP Provisional License in June 2022 and MVP Preparatory Licence in March 2023. Crypto.com also announced Dubai as its regional hub for the Middle East and Africa in March 2022.”
Kris Marszalek, CEO of Crypto.com, said:
“It is an incredible honour to be the 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. Dubai continues to show it is a leading market when designing effective regulation for the crypto space while still supporting adoption and innovation. We are excited to showcase more of our industry-leading products to customers across permissible jurisdictions from Dubai, and look forward to working with regulators contributing to this thriving ecosystem.”
Founded in 2016, Crypto.com claims that it is trusted “by more than 80 million customers worldwide and is the industry leader in regulatory compliance, security and privacy.”
Established in March 2022, “following the effect of Law No.4 of 2022, VARA is the competent entity in charge of regulating, supervising, and overseeing VAs and VA Activities in all zones across the Emirate of Dubai, including Special Development Zones and Free Zones but excluding the Dubai International Financial Centre. VARA plays a central role in creating Dubai’s advanced legal framework to protect investors and establish international standards for Virtual Asset industry governance, while supporting the vision for a borderless economy.”