Crypto.com Dubai Entity Secures VASP License from VARA for Expanded Services
In a significant development for Crypto.com‘s expansion strategy, the company’s Dubai entity, CRO DAX Middle East FZE, has been granted a Virtual Assets Service Provider (VASP) license by Dubai’s regulatory authorities, pending operational approval.
This license marks a new chapter for Crypto.com, allowing its Dubai arm to provide a range of services, including exchange, broker-dealer, and lending and borrowing, catering to both retail and institutional investors.
The collaboration between Crypto.com and Dubai’s regulators signals a positive stride towards regulatory alignment. Kris Marszalek, the CEO of Crypto.com, expressed enthusiasm for working closely with regulatory bodies in Dubai to contribute to the city’s growing crypto industry.
He highlighted Dubai’s proactive approach to regulatory design, underscoring Crypto.com’s commitment to operating within the established frameworks.
There is no doubt that Dubai has steadily positioned itself as a crypto-friendly destination, drawing attention from businesses seeking legal clarity amidst regulatory challenges faced by crypto firms in other jurisdictions, notably the United States. In fact, the regulatory framework in Dubai and the broader United Arab Emirates provides a clear roadmap, establishing the region as an attractive and secure location for companies looking to establish permanent headquarters.
The move to grant Crypto.com’s Dubai entity a VASP license aligns with the company’s strategic decision to designate Dubai as its Middle East and North Africa hub in March 2022. This significant step follows the provisional license received from VARA in June 2022 and a minimal viable product (MVP) preparatory license secured in March of the subsequent year.
As Crypto.com continues to fortify its presence in Dubai, this latest regulatory milestone positions the company for expanded services and a more prominent role in the thriving crypto landscape of the Middle East and North Africa.
The collaboration with Dubai’s regulatory authorities not only showcases Crypto.com’s commitment to compliance but also underscores Dubai’s standing as a proactive and welcoming hub for innovative crypto ventures.
