Crypto.com Gets Provisional Approval from Dubai Regulatory Authorities

On Friday, Crypto.com, a major cryptocurrency exchange, announced that it had provisional approval for its Virtual Asset MVP License from the Dubai Virtual Assets Regulatory Authority (VARA). According to the press release, in the near future, the firm will be issued a license under this specialized program as soon as all mandated requirements are met.

“The United Arab Emirates is focused on developing a world-leading environment for innovative technology and collaboration, and we believe the cryptocurrencies, virtual assets and blockchain will revolutionize the financial services sector. 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,” H.E. Dr. Thani Al Zeyoudi, the Minister of State for Foreign Trade of the UAE, commented.

In March 2022, VARA began overseeing virtual assets in Dubai, regulating cryptocurrency exchanges and service providers, and monitoring transactions to ensure the highest standards of consumer protection. Crypto.com’s assurance of compliance was outlined in the documentation that led to the Provisional License being granted.

Following further due diligence and the final issuance of the Virtual Asset MVP license by VARA, the company will offer additional products and services to both institutional investors and qualified consumers.

“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,” Kris Marszalek, the Co-Founder and CEO of Crypto.com, stated.

The Binance branch in Italy recently received regulatory approval by the Italian watchdog as a Cryptocurrency Service Provider through the Organismo Agenti e Mediatori (OAM). As a result of the creation of Binance Italy, a legal entity of the company in recent months, the company is now able to offer crypto products to its customers in Italy.