Crypto.com receives MVP preparatory license from VARA Dubai.
Exchange gains a license to complete the requirement to start MVP market functions.
Crypto.com, an exchange has officially declared its reception of Dubai’s VARA Minimum Viable Product (MVP) Preparatory License. Virtual Assets Regulatory Authority (VARA) is the ultimate regulation for virtual assets in the Dubai zone. The spaces include Special Development Zones and Free Zones but exclude the Dubai International Financial Centre.
From June 2023, Crypto.com gains a license to complete every initial requirement to start MVP market functions. And this license was delivered to Crypto.com after studying every particular concern of the exchanges. Such as cross-border safety and security measures, Anti Money Laundering/Countering the Financing of Terrorism (AML/CFT) capabilities, and Know Your Customer(KYC).
Henson Orser, CEO of VARA states:
“VARA’s regulatory framework will be instrumental in creating and managing a unique, resilient and securely future-proofed ecosystem that delivers a sustainable and thriving global best-in-class VA market with secure cross-border interoperability.”
Both VARA and Crypto.com are positive about this regulatory move, as the key players of the institutions represent in their notes.