Crypto.com, a leading cryptocurrency exchange, has been granted a full license to operate specified virtual asset service activities in Dubai. The license was awarded to Crypto.com’s Dubai entity, CRO DAX Middle East FZE, after successfully completing a rigorous three-stage licensing process.
The licensing process began in March 2023 when CRO DAX Middle East FZE received a minimal viable product (MVP) preparatory approval from Dubai’s Virtual Assets Regulatory Authority (VARA). This initial approval allowed Crypto.com to commence preparatory activities in anticipation of the full license The full license, which is the final stage of the licensing process, grants Crypto.com the authorization to provide a comprehensive suite of virtual asset services in Dubai, including exchange services, broker-dealer services, management and investment services, and lending and borrowing services. “We are incredibly proud to have been granted a full license to operate in Dubai,” said Kris Marszalek, CEO of Crypto.com. “This is a significant milestone for our company and demonstrates our commitment to compliance and security. We look forward to working with VARA to further develop the cryptocurrency ecosystem in Dubai.”
The granting of the full license to Crypto.com is a testament to the emirate’s commitment to fostering a thriving and well-regulated cryptocurrency sector. Dubai has emerged as a regional hub for cryptocurrency businesses, attracting several major players to establish their operations there.
Crypto.com’s success in securing a full license in Dubai is a testament to its strong track record of regulatory compliance and its commitment to providing a secure and user-friendly platform for cryptocurrency trading. The company has previously obtained regulatory approvals in Singapore, the Netherlands, the U.K., France, and Brazil.
With the full license in place, Crypto.com is now fully authorized to offer its full range of services to customers in Dubai. The company is expected to play a significant role in the growth and development of the cryptocurrency ecosystem in the Emirates.tunesharemore_vert