Crypto.com Secures License to Operate in Dubai, Expanding Its Global Regulatory Reach

Crypto.com Secures License to Operate in Dubai, Expanding Its Global Regulatory Reach

Crypto News – Crypto.com, a prominent cryptocurrency exchange, has achieved a significant milestone by securing a license to operate specific virtual asset service activities in Dubai. The announcement was made on Tuesday, marking another key development in the company’s global expansion strategy.

The license has been officially granted to Crypto.com’s Dubai entity, known as CRO DAX Middle East FZE. This achievement follows the entity’s receipt of a Minimal Viable Product (MVP) preparatory approval from Dubai’s Virtual Assets Regulatory Authority (VARA) back in March.

The licensing process in Dubai involves three crucial stages: a provisional permit, a preparatory license, and finally, an operating license. As of now, Crypto.com is in the third and final stage of this process. However, the company must still fulfill localization requirements and meet specific conditions before it can commence its operations.

Upon obtaining operational approval, Crypto.com will be authorized to provide a range of services, including exchange services, broker-dealer services, management and investment services, as well as lending and borrowing services. This significant achievement in Dubai comes after Crypto.com successfully completed its licensing process in Singapore in June, and it has also celebrated regulatory victories in the Netherlands, the United Kingdom, France, and Brazil.

Despite these accomplishments, it’s worth noting that Crypto.com has faced challenges, including workforce cuts and difficulties in maintaining fiat on-ramps during recent banking crises.

It is essential to highlight that Dubai introduced a mandate in February 2023, requiring crypto firms to obtain the necessary authorization and licenses for their operations. Notably, Laser Digital, the digital asset subsidiary of the financial services giant Nomura, recently obtained an operating permit in compliance with these regulations.

Kris Marszalek, CEO of Crypto.com, expressed his pride in the achievement, stating, “It is an incredible honor to be one of the first crypto exchanges to be granted a Virtual Asset Service Provider License by VARA, and it further demonstrates our company’s unwavering commitment to security and compliance.”

Crypto.com continues to make significant strides in its mission to expand its presence in the global cryptocurrency market while adhering to strict regulatory standards.