The Virtual Assets Regulatory Authority in Dubai has given approval for the license of trading firm Crypto.com to operate as a Virtual Asset Service Provider.
Based on a statement released on April 9, the crypto exchange holds the power to cater to institutional investors within the emirate.
Introducing our top-tier institutional services on Crypto.com Exchange is essential for our business to thrive and prosper in this significant market for us.
Eric Anziani, Crypto.com’s president and COO
Crypto.com became one of the initial companies to provide crypto-fiat services in Dubai following the approval of its preliminary requirements by the Virtual Assets Regulatory Authority (VARA) in November the previous year.
The company is expanding its presence in Asia and Europe as well, obtaining cryptocurrency licenses in countries such as South Korea, Spain, the Netherlands, and the United Kingdom.
Dubai’s burgeoning crypto scene
In March 2022, Dubai, the capital city of the United Arab Emirates, set up the Virtual Assets Regulatory Authority (VARA). This move came after the peak of cryptocurrency market in the previous year. The purpose of creating VARA is twofold: firstly, to supervise and foster the growing digital asset sector, and secondly, to ensure investor protection while encouraging innovation.
Last February, VARA introduced a regulatory system for cryptocurrency businesses and Virtual Asset Service Providers (VASPs) looking to conduct operations within the UAE city. This regime offers a complete set of guidelines.
According to VARA’s website, the regulatory body granted 19 digital asset licenses in full during January. An additional 72 approvals are still under review and waiting for complete issuance. The thriving virtual currency scene in this Emirati city catches the eye of onlookers, but entrepreneurs planning to enter the crypto industry may find the region less than ideal.
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2024-04-09 18:51