Crypto.com's Middle-East Presence Solidifies with Dubai Crypto Licence

Crypto.com's 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).

Offering Regulated Services with VARA's Approval

The VASP Licence, subject to the fulfillment of select conditions and localisation requirements defined by VARA, will enable Crypto.com to offer regulated virtual asset services. These services include exchange, broker-dealer, management and investment, as well as lending and borrowing.

Importantly, these offerings will be accessible to both retail and institutional users through the Crypto.com App and Crypto.com Exchange. This follows VARA's issuance of specialized regulations for virtual assets in February 2023.

Kris Marszalek, the CEO of Crypto.com stated: "It is an incredible honor to be one of the first crypto exchanges to be granted a Virtual Asset Service Provider Licence by VARA, and it further proves our company’s commitment to security and compliance." Crypto.com previously 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,” he added.

https://t.co/vCNztATkNg is proud to announce that we have been granted a Virtual Asset Service Provider Licence pending operational approval from Dubai's Virtual Assets Regulatory Authority, building on our position in the #UAE market.Learn more:https://t.co/0anXDLsxTv pic.twitter.com/SgcqSTSqux

Earlier Crypto.com secured a Minimal Viable Product Preparatory license from VARA. That followed provisional approval granted last year and positioned Crypto.com to operate within the VARA Regime. Under the license, the exchange gains the authority to offer spot and derivatives instruments of virtual assets, including exchange services, brokerage, margin or leverage trading, and OTC offerings.

Crypto.com's other Approvals

In earlier reports, Finance Magnates wrote that Crypto.com secured a Digital Asset Service Provider license from the Dutch central bank, enabling the Singapore-based exchange to offer cryptocurrency services in the Netherlands. This adds to the company's existing regulatory approvals across Europe, including France and the UK.

Simultaneously, Crypto.com announced its Virtual Asset Service Provider registration from the Bank of Spain, setting compliance with Anti-Money Laundering Directive and financial crime laws. This approval allows Crypto.com to extend its products and services to users in Spain.