Singaporean exchange Crypto.com has entered the preparatory phase of the Dubai Virtual Assets Regulatory Authority’s crypto regulatory program.
The step marks a significant achievement for the Hong Kong-based cryptocurrency platform as it seeks to expand its offerings and services to customers in the Middle East.
The MVP preparatory license is a crucial step towards obtaining a full operational license from VARA, which would allow Crypto.com to offer a range of crypto-related services to customers in Dubai and the wider region. Among the services the platform could offer are crypto exchanges, custody and payment solutions.
Dubai, an important market for Crypto.com !
According to Kris Marszalek, CEO and co-founder of Crypto.com:
Dubai is a strategically important market for Crypto.com and we are excited to be on the verge of receiving an operational license from VARA. This license will allow us to offer our world-class cryptocurrency products and services to customers in Dubai and the region, while meeting the highest regulatory standards.
The MVP preparatory license demonstrates Crypto.com’s commitment to operating within the regulatory framework of the regions in which it operates. The platform has made it a priority to obtain the necessary licenses and approvals before launching its products and services in new markets, and this approach has been well received by regulators and customers.
In the spring of 2022, Crypto.com announced plans to establish a regional headquarters in Dubai. Several industry giants, including Binance, have recently opened offices in the Emirate. Earlier this year, crypto derivatives platform Deribit indicated that it wanted to move to Dubai.
We are delighted to welcome Crypto.com to the preparatory phase of the MVP program,” said Henson Orser, director of the Dubai Virtual Assets Regulatory Authority, noting that “the participation of credible players like Crypto.com” would reinforce its mission to provide a “progressive and forward-looking regulatory framework.
VARA’s decision to grant Crypto.com the MVP preparatory license is also a positive sign for the crypto sector in the region. It shows that regulators are taking a proactive approach to regulating the sector and are willing to work with reputable platforms to promote innovation and growth.
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