Crypto.com confirmed on June 3, 2022, that it had received provisional approval for its Virtual Asset MVP License from the dominant Dubai Virtual Assets Regulatory Authority (VARA). This license enables the Singapore-based cryptocurrency exchange to offer a whole suite of products and services.
The operating license under this advanced and specialized program is expected to be issued soon as the company qualifies for all the mandated regulations and requirements in the short term. This Provisional License was granted to Crypto.com after the exchange submitted documentation that outlined its assurance of compliance checks.
In that context, the firm will provide extra products and services to institutional investors and qualified consumers after more due diligence and the final issuance of the Virtual Asset MVP License by VARA. Launched in March 2022, VARA oversees the issuing, trading, and authorizing of virtual assets in Dubai, regulates crypto exchanges and service providers, and monitors transactions to guarantee the highest levels of consumer protection.
While talking about the VRA with reporters, Minister of State for Foreign Trade, Dr. Thani Al Zeyoudi, said that the United Arab Emirates (UAE) is now focused on developing a world-leading environment for innovative technology and massive collaboration. He strongly thinks that cryptos, virtual assets, and blockchain will eventually revolutionize the financial services industry.
“Through our Virtual Asset Regulatory Authority and other important initiatives, we are attracting companies to the UAE to build on this vision and enable technologies of the future to flourish here.”
Moreover, the director-general of the Dubai World Trade Centre Authority that hosts VARA, Helal Saeed Almarri, said that creating the specialized authority to regulate the virtual assets sector was a pioneering move by the Dubai leadership and government.
The co-founder and CEO of Crypto.com, Kris Marszalek, expressed his delight:
“We are excited to provide more of our products and services in a market of great importance to our business, and one that is equally committed to regulation and compliance. We look forward to working with regulators throughout the region to further expand Crypto.com’s offering and presence in the market.”
This is believed to be the latest example of Crypto.com expanding its presence and offerings in the Middle East and beyond. In March 2022, the crypto exchange confirmed its plans to set up a regional hub in Dubai. Crypto.com is also actively partnering with the UAE Government through Investopia to collectively advance global financial innovation within the market and worldwide.
