Crypto.com has announced on November 14, 2023, that its Dubai entity, CRO DAX Middle East FZE, has been granted a Virtual Assets Service Provider (VASP) Licence for specified virtual asset service activities by Dubai’s Virtual Assets Regulatory Authority (VARA). The VASP Licence will allow the company to offer regulated virtual asset service activities, including exchange services, broker-dealer services, management and investment services, and lending and borrowing services.
The Company will need to fully satisfy certain conditions and localisation requirements defined by VARA, and will be able to commence operations once they receive operational approval notice from the regulator. Crypto.com is aiming to become one of the first virtual asset exchanges to operationalize its VASP Licence following VARA’s issuance of specialized regulations for virtual assets in February 2023.
This milestone demonstrates Crypto.com’s dedication to cross-border risk assurance and compliance with the robust framework implemented by VARA. The company had previously received its MVP Provisional Licence in June 2022 and MVP Preparatory Licence in March 2023, and had announced Dubai as its regional hub for the Middle East and Africa in March 2022.
Kris Marszalek, CEO of Crypto.com, expressed his gratitude and described it as an incredible honor for Crypto.com to be one of the first crypto exchanges granted a Virtual Asset Service Provider License by VARA. It is a testament to the company’s commitment to security and compliance. He also praised Dubai for its effective crypto regulation and continued support for adoption and innovation.
As part of the process, the VASP Licence will allow Crypto.com to showcase more of its industry-leading products to customers across permissible jurisdictions from Dubai. They look forward to contributing to a thriving ecosystem while working with regulators.
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