Crypto.com, one of the world’s leading cryptocurrency exchange platforms, has received a provisional Virtual Asset MVP License from the Dubai Virtual Assets Regulatory Authority (VARA).
The fastest-growing cryptocurrency exchange platform disclosed this in a statement released on its website.
According to the company, the license would allow Crypto.com to offer full crypto exchange products and services, while the operating license under this specialised programme is set to be issued as soon as the firm qualifies for all mandated requirements in the near-term.
Investors King reports that the License was granted following Crypto.com’s submission of documentation that outlined its assurance of compliance checks.
Against the backdrop of the new approval, the firm will be offering additional products and services to both institutional investors and qualified consumers following further due diligence and the final issuance of the Virtual Asset MVP License by VARA.
Dubai VARA was established in March 2022 to oversee the issuing, trading, and authorizing of virtual assets in Dubai. Also, it regulates cryptocurrency exchanges and service providers and monitors transactions to ensure the highest standards of consumer protection.
Speaking on the development, Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, remarked that the United Arab Emirates is focused on developing a world-leading environment for innovative technology and collaboration.
According to him, cryptocurrencies, virtual assets, and blockchain will bring new faces to the financial services sector.
Also, Helal Saeed Almarri, director-general of the Dubai World Trade Centre Authority that houses VARA, opined that establishing the specialized authority to regulate the virtual assets industry was a pioneering move by Dubai’s leadership.
Kris Marszalek, co-founder and CEO of Crypto.com, was happy saying: “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.”
The Crypto.com provisional license was approved a few weeks after VARA approved the same license for Binance, the world’s leading cryptocurrency exchange platform. This shows cryptocurrency is fast becoming a household name among leading investors in the Middle East and the surrounding environment.