The 50 million users Singaporean exchange received License from VARA

Crypto.com officially announced 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 specialized programme is set to be issued as soon as the firm qualifies for all mandated requirements in the near-term.

Crypto.com might need to operate in a testing mode within Dubai Market under VARA supervision, to qualified investors, before rolling out to retail investors.

“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.”

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.

Before Crypto.com, VARA granted licenses to Binance, as well as FTX, Bybit and the Crypto hedge fund firm Three Arrows Capital, while Karken opted for ADGM.

Crypto.com will be always based in Singapore, and Dubai will be its regional office.