Crypto.com has obtained a Virtual Assets Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA).
The exchange, through its entity CRO DAX Middle East FZE, announced the partial VASP license granting permission for specific virtual asset services.
To obtain the full VASP license, the exchange must meet specific conditions of the VARA sets. Once completed, the exchange will be eligible for operational approval, allowing Crypto.com to offer regulated digital asset services including exchange, broker-dealer, management and investment, and lending and borrowing services.
Kris Marszalek, CEO of Crypto.com, expressed his pride in reaching this milestone, citing the license as proof of the company’s commitment to security and compliance. He commended the Dubai authorities for their effective regulations to support innovation.
“Dubai continues to demonstrate that it is a leading market in designing effective regulations for the crypto space, while still supporting adoption and innovation.”
The full operational approval will enable Crypto.com to showcase its flagship products to customers in permitted Dubai jurisdictions.
Crypto in Dubai
Dubai has become one of the most crypto-friendly hubs in the world, earning praise from numerous crypto-related companies operating in the region.
In recent months, Dubai’s regulatory body has granted operational licenses in various phases to several crypto exchanges and companies, such as Komainu, Backpack Exchange and WadzPay.
These developments reinforce the country’s reputation as a crypto-friendly jurisdiction, with a robust regulatory framework and comprehensive rulebooks for VASPs. All crypto companies that undertake or plan to undertake regulated activities within the region must apply for a regulated license from VARA.
Ripple CEO Brad Garlinghouse highlighted Dubai as a prime example of a jurisdiction where regulators are actively engaging with the developing crypto industry. Citing the city’s status as a global leader, he attributed its success to clear regulatory frameworks, policies to promote innovation and an environment conducive to entrepreneurial endeavors.