Crypto.com Secures VASP License in Dubai
Crypto.com gets the prestigious Virtual Asset Service Provider (VASP) license, making it a significant player in the emerging digital assets hub of the Middle East.
In a major industry breakthrough, crypto trading platform Crypto.com’s Dubai branch, CRO DAX Middle East FZE, has been granted a Virtual Assets Service Provider (VASP) license by the city’s regulatory body. The license is still awaiting operational approval.
This notable achievement places Crypto.com at the forefront of the rapidly expanding digital assets industry in Dubai, accentuating the city’s status as a crypto-friendly jurisdiction and hub for crypto businesses seeking legal clarity.
The VASP license awarded to Crypto.com enables the platform to provide a range of services to both retail and institutional investors. These include exchange services, broker-dealer services, lending, and borrowing services, reinforcing Crypto.com’s commitment to security and compliance.
Crypto.com CEO Kris Marszalek expressed his delight at the opportunity to work with regulators and contribute to the growth of Dubai’s crypto industry. He praised Dubai for its effective regulation and recognition as a leading market in the crypto industry.
The licensing process comprises three stages: a provisional permit, a preparatory license, and an operating license. Crypto.com is now in the final stage but will need to meet certain localization requirements and conditions before it can kick start its operations.
In fact, the company’s trajectory towards securing this license has been a series of regulatory victories. It received a provisional license from VARA in June 2022, followed by a minimal viable product (MVP) preparatory license in March this year. Outside of Dubai, Crypto.com has seen regulatory success in countries like Singapore, the Netherlands, the UK, France, and Brazil, further establishing its global footprint.
With this new license, Crypto.com cements its position in the United Arab Emirates market, ready to serve a growing customer base interested in virtual asset services. All eyes are now on the platform as it awaits the final operational approval to kickstart its services.
