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Crypto.com Secures VASP Licence in Dubai, Expanding Virtual Asset Services

FinanceFeeds Editorial Team

Crypto.com has obtained a Virtual Assets Service Provider (VASP) Licence from Dubai’s Virtual Assets Regulatory Authority, enabling it to offer a suite of regulated virtual asset services, including exchanges and lending, upon meeting specific operational conditions.

DUBAI-LICENSURE-UPDATE-1

Crypto.com, a prominent digital asset platform, has announced its Dubai branch, CRO DAX Middle East FZE, obtaining a Virtual Assets Service Provider (VASP) Licence from Dubai’s Virtual Assets Regulatory Authority (VARA). The license allows Crypto.com to offer regulated virtual asset services, subject to fulfilling certain conditions and localization requirements set by VARA.

Post operational approval, the company will provide services like exchange, broker-dealer, management, investment, and lending and borrowing services through its app and exchange, catering to both retail and institutional clients.

This step marks a significant milestone for Crypto.com in the virtual asset space, aligning with VARA’s specialized regulations issued in February 2023. The company’s efforts reflect its commitment to cross-border risk assurance and compliance with VARA’s robust framework.

This progress follows the acquisition of its MVP Provisional Licence in June 2022 and MVP Preparatory Licence in March 2023. Crypto.com also established Dubai as its Middle East and Africa regional hub in March 2022.

Kris Marszalek, CEO of Crypto.com, stated, “It is an incredible honour to be 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.”

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