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Cregis Custody FZE has received In-Principle Approval from Dubai's VARA for a VASP license, advancing its plans to offer regulated institutional-grade digital asset custody services in Dubai.
Cregis Custody FZE today announced that it has received In-Principle Approval (IPA) from Dubai's Virtual Assets Regulatory Authority (VARA) as part of its application for a Virtual Asset Service Provider (VASP) license.
The approval marks an important step in the development of Cregis Custody FZE’s planned custody offering. It supports the company’s continued evolution toward regulated digital asset services and strengthens its ability to expand its global capabilities.
Upon full approval, Cregis Custody FZE will provide regulated digital asset custody services to qualified clients, including secure asset safekeeping, account segregation, governance controls, transaction workflows, and compliance monitoring.
"As digital asset markets mature and regulatory frameworks become clearer, we are seeing increasing demand from larger financial institutions and traditional businesses for more structured and compliant infrastructure," said Richard Meng, co-founder of Cregis and CEO of Cregis Custody FZE. "This trend is a key reason we decided to pursue regulated custody capabilities through VARA."
Cregis Custody FZE’s ambition is to operate as a trusted, regulated provider of institutional-grade digital asset custody under the Cregis brand.
The entity is focused on custody-related services, including secure asset safekeeping, account segregation, and governance controls built to institutional standards.
Cregis, meanwhile, is a global brand providing digital asset infrastructure for collections, payouts, and fund operations across global markets. As separate legal entities under common ownership, each provides distinct services to institutional clients.
Following the IPA, Cregis Custody FZE will continue working closely with VARA to complete the remaining steps required for full licensing approval.
Cregis Custody FZE was established in 2025 as a separate entity under the Cregis brand. Founded in 2017, Cregis has evolved from helping enterprises build digital asset operations into a global digital asset infrastructure provider.
The company serves clients across Asia-Pacific, the Middle East, Latin America, and other key markets.
Today, Cregis supports more than 4,000 businesses across over 50 countries, including financial institutions, payment service providers, trading firms, fintech companies, and Web3 businesses.
"The Middle East, and Dubai in particular, has become a strategic hub for institutional digital asset activity," said Meng. "Working toward regulated presence here allows us to better serve regional clients while aligning with the region’s growing role in global digital asset markets."
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