CryptoCom secured provisional regulatory approval in Dubai for crypto offerings
Crypto.com, the fastest growing cryptocurrency platform in the world, announced on June 3, 2022, that it has obtained provisional approval for its virtual asset MVP license from the Dubai Virtual Assets Regulatory Authority (VARA), allowing Crypto.com to become fully accredited within the region. Crypto.com is a suite of products and services. An operating license will be issued under this special program as soon as the entity qualifies and meets all mandatory requirements.
Founded in March 2022, VARA oversees the distribution, trade, and approval of virtual assets in the Dubai region, regulates cryptocurrency exchanges and service providers and oversees transactions to ensure the highest level of customer protection. The provisional license was granted after submitting a document confirming compliance checks by Crypto.com. The company will pay more attention and provide additional products and services to institutional investors and qualified customers after the final issuance of VARA’s Virtual Asset MVP License.
H.E. Dr. Thani Al Zeyoudi Assistant Minister of Foreign Trade said, “The United Arab Emirates is currently focused on developing a world-class environment for innovative technology and cooperation, and we believe that cryptocurrencies, virtual assets, and blockchains will revolutionize the field of financial services ad that through our “Through our Virtual Asset Regulatory Authority and other important initiatives, we are attracting companies to the UAE to build this vision and develop future technologies here within the region.”
Helal Saeed Almarri, Director General of Dubai World Trade Centre Authority under which VARA works said, “VARA is committed towards connecting service providers, technology enforcers, and governments to bring them together and help them co-create the next-generation ecosystem for the virtual assets industry, and that we are pleased to welcome Crypto.com into our top global growing community of VA sector players. Thus now being one of the esteemed licensed participants, Crypto.com is one of the anchors that partners with VARA in the framework development.”
The Co-founder and CEO of Crypto.com, Kris Marszalek said:
We’re excited to offer our products and services in a market that is very important to our business and are equally committed to regulation and compliance, and we look forward to working with regulators across the region to further expand Crypto.com’s offerings and market presence.”
Crypto.com has thus set the latest example of developing its capabilities in the Middle East region and beyond. In March, Crypto.com announced plans to set up a regional hub in Dubai. Crypto.com is a joint venture with the UAE government to promote global economic innovation in the marketplace and globally through Investopia.
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