Crypto.com Receives Provisional Approval From Dubai Virtual Assets Regulatory Authority6. June 2022
Crypto.com announced last weekt that it has received provisional approval of its Virtual Asset MVP License from the Dubai Virtual Assets Regulatory Authority (VARA), allowing Crypto.com to offer a full suite of crypto exchange products and services.
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.
Established in March 2022, VARA oversees the issuing, trading and authorizing of virtual assets in Dubai, regulates cryptocurrency exchanges and service providers, and monitors transactions to ensure the highest standards of consumer protection. The Provisional License was granted following Crypto.com’s submission of documentation that outlined its assurance of compliance checks. The company will offer 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.
“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,”
said H.E. Dr Thani Al Zeyoudi, Minister of State for Foreign Trade.
“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.”
“Establishing the first of its kind specialised authority to regulate the Virtual Assets industry is a pioneering move by Dubai’s leadership that views this sector as an accelerator for the future global economy,”
said Helal Saeed Almarri, Director General of Dubai World Trade Centre Authority that houses VARA.
“VARA is committed to connecting service providers, technology enablers, and governments to help co-create the next generation ecosystem for the Virtual Assets industry and we are pleased to welcome Crypto.com into this growing community of top global VA sector players. As a licensed participant, Crypto.com will be one of the anchors partnering with VARA in the development of a global future focused regulatory framework”.
“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,”
said Kris Marszalek, Co-Founder and CEO of Crypto.com.
“We look forward to working with regulators throughout the region to further expand Crypto.com’s offering and presence in the market.”
This is the latest example of Crypto.com expanding its capabilities in the Middle East and beyond. In March, Crypto.com announced its plans to set up a regional hub in Dubai. Crypto.com is also partnering with the UAE Government via Investopia to collectively advance global financial innovation both within the market and globally.
Featured image credit: Edited from Unsplash