The Virtual Assets Regulatory Authority (VARA) of Dubai has issued a Virtual Assets Service Provider (VASP) Licence to Crypto.com’s Dubai subsidiary, CRO DAX Middle East FZE, allowing it can engage in specific virtual asset service operations. After Crypto.com has fulfilled certain criteria and localization requirements set out by VARA, the Company will be issued a VASP Licence and will be authorized to begin operations after receiving an operating permission notice from the regulator.
The VASP Licence will enable Crypto.com to provide regulated virtual asset service activities such as exchange services, broker-dealer services, management and investment services, and lending and borrowing services after the company has received operational permission. Retail and institutional customers alike will have access to these features via the Crypto.com App and Crypto.com Exchange.
Following the February 2023 release of VARA’s specialized legislation for virtual assets, Crypto.com aims to be among the first virtual asset exchanges to put its VASP Licence into action. This achievement follows the company’s receipt of its MVP Provisional Licence in June 2022 and its MVP Preparatory Licence in March 2023, and demonstrates Crypto.com’s dedication to cross-border risk assurance and adhering to the solid structure implemented by VARA as the firm moves closer to the final operational approval phase. In addition, in March of 2022, Crypto.com said that Dubai will serve as its regional base for the Middle East and Africa.
Kris Marszalek, CEO of Crypto.com stated:
“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.”