Crypto.com gets license in Dubai for certain crypto activities

Dubai-based branch of Crypto.com, CRO DAX Middle East FZE, has received a virtual asset service provider license for certain virtual asset servicing activities.

The license from the Dubai Virtual Assets Regulatory Authority (VARA) means that Crypto.com fully satisfies the selected conditions and localization requirements specified by the regulator.

According to the blog statement, once the VASP license is approved, Crypto.com can offer virtual asset services, including exchange services, broker-dealer services, management and investment services, and lending and borrowing services.

This list of services will be available to retail and institutional users in the marketplace through the app and the web version.

“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.”

Kris Marszalek, CEO of Crypto.com

In March, Crypto.com received preliminary approval to operate from VARA. The company was granted a license under the MVP program after a detailed analysis of documentation, employees, and KYC/AML procedures.

VARA added that the participation of credible players contributes to the regulator’s goals of “creating a progressive and future-oriented regulatory framework.”

In addition, Crypto.com has received a payment institution license from the Central Bank of Brazil and permission to operate crypto assets in the UK.