Crypto.com has achieved a major milestone by obtaining a Virtual Assets Service Provider (VASP) license in Dubai. This pivotal move allows the company to extend its range of crypto services in the region. Operating under its Dubai entity, CRO DAX Middle East FZE, Crypto.com received this license from Dubai’s Virtual Assets Regulatory Authority (VARA). This development signifies a substantial expansion of Crypto.com’s global presence.
Ready to Launch Post-Approval
Following operational approval, Crypto.com will offer a suite of services, including crypto exchange and broker-dealer operations. Additionally, the company plans to introduce investment, lending, and borrowing services. However, before commencing operations, Crypto.com must meet certain conditions and localization requirements set by VARA. Once these prerequisites are fulfilled, the company can start its services, subject to a final operational approval notice from the regulator.
Kris Marszalek, CEO of Crypto.com, expressed enthusiasm about this license’s new opportunities. “We are excited to showcase more of our industry-leading products to customers across permissible jurisdictions from Dubai and look forward to working with regulators contributing to this thriving ecosystem,” Marszalek stated.
Moreover, this is not the company’s first venture into expanding its global reach. In June, Crypto.com secured a Major Payment Institution license for Digital Payment Token (DPT) services in Singapore. This followed an in-principle approval received the previous year. Additionally, in July, the exchange obtained registration from the Central Bank of the Netherlands to provide crypto services.
This strategic move by Crypto.com into Dubai comes as other major players in the crypto space, like Nomura’s crypto arm Laser Digital, also secured licenses to operate in the region. Laser Digital received a full license in August, enabling it to offer broker-dealer and asset management services from Dubai.
The expansion of Crypto.com into Dubai marks a significant step in the company’s strategy to broaden its global footprint. This move strengthens its position in the crypto market and highlights cryptocurrency services’ growing acceptance and regulation in various global financial hubs.
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