Singapore cryptocurrency exchange firm Crypto.com announced Tuesday that its Dubai entity, CRO DAX Middle East FZE, has been granted a Virtual Assets Service Provider (VASP) license for specified virtual asset service activities by Dubai’s Virtual Assets Regulatory Authority (VARA).
Following operational approval, the VASP License will allow Crypto.com to offer regulated virtual asset service activities, including exchange services, broker-dealer services, management and investment services, and lending and borrowing services.
These services will be available to retail and institutional users in-market via the Crypto.com App and Crypto.com Exchange.
This milestone exhibits Crypto.com’s commitment to cross-border risk assurance and compliance with the robust framework implemented by VARA as the firm works towards the final operational approval stage, and follows the company receiving its MVP Provisional License in June 2022 and MVP Preparatory Licence in March 2023.
Crypto.com also announced Dubai as its regional hub for the Middle East and Africa in March 2022.
“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,” he added.
Founded in 2016, Crypto.com is used by more than 80 million customers worldwide.
The firm is committed to accelerating the adoption of cryptocurrency through innovation and empowering the next generation of builders, creators, and entrepreneurs to develop a fairer and more equitable digital ecosystem.
Established in March 2022, VARA is the competent entity in charge of regulating, supervising, and overseeing virtual assets (VAs) and VA activities in all zones across the Emirate of Dubai, including Special Development Zones and Free Zones but excluding the Dubai International Financial Centre.
VARA plays a central role in creating Dubai’s advanced legal framework to protect investors and establish international standards for virtual asset industry governance, while supporting the vision for a borderless economy.