Crypto.com announced that it has received its MVP Preparatory License from Dubai’s Virtual Assets Regulatory Authority (VARA). This follows the initial provisional approval that the crypto exchange had secured from VARA in June 2022.
The MVP Phase, in its preparatory stage, allows for approved licensees to fulfill all pre-conditions required to undertake MVP market operations within the VARA Regime.
Crypto.com has received this MVP preparatory license after a detailed review of its key personnel, governance procedures, AML/CFT capabilities, KYC and Ultimate Beneficial Owner (UBO) policies and procedures, cross-border safety and security measures, and compliance practices.
Once licensed to be operational, Crypto.com will be able to extend its approved suite of duly regulated virtual assets activities spanning a range of crypto exchange services (spot and derivatives), brokerage, margin/leverage trading, and OTC offerings around settlements for institutional investors.
Established in March 2022 under the Dubai Virtual Asset Regulation Law, VARA regulates virtual assets and aims to create an advanced legal framework to protect investors and set international standards for the virtual assets industry to enable responsible business growth in and from the Emirate.
“We are pleased to welcome Crypto.com to the MVP Programme preparatory phase. VARA’s regulatory framework will be instrumental in creating and managing a unique, resilient and securely future-proofed ecosystem that delivers a sustainable and thriving global best-in-class VA market with secure cross-border interoperability.”
said Henson Orser, Chief Executive Officer of VARA.
“This achievement is the next significant step for Crypto.com in an incredibly important market for our business and industry. With the MVP preparatory license, we look forward to continuing to work with regulators in providing customers the most comprehensive and secure crypto experience.”
said Kris Marszalek, CEO of Crypto.com.