Crypto.com Granted VASP License by Dubai’s VARA

Crypto.com’s expansion strategy has taken a significant step forward with granting a Virtual Assets Service Provider (VASP) license by Dubai’s regulatory authorities to the company’s Dubai entity, CRO DAX Middle East FZE, subject to operational approval.

The license allows Crypto.com’s Dubai arm to offer various services, such as exchange, broker-dealer, and lending and borrowing, to both retail and institutional investors.

The collaboration between Crypto.com and Dubai’s regulators is a positive step towards regulatory alignment and marks a new chapter for the company.

Kris Marszalek, the CEO of Crypto.com, expressed his excitement about working closely with regulatory bodies in Dubai and contributing to the city’s growing crypto industry.ory bodies in Dubai to contribute to the city’s growing crypto industry.

He highlighted Dubai’s proactive approach to regulatory design, underscoring Crypto.com’s commitment to operating within the established frameworks.

Dubai has emerged as a crypto-friendly destination, attracting businesses seeking regulatory clarity. The region’s regulatory framework provides a clear roadmap, making it an ideal and secure location for companies looking to establish their permanent headquarters.

Crypto.com’s Dubai entity has been granted a VASP license, in line with the company’s strategic decision to designate Dubai as its Middle East and North Africa hub. This significant move follows the provisional license received from VARA in June 2022 and a minimal viable product (MVP) preparatory license secured in March of the following year.

Crypto.com has been expanding its presence in Dubai, and the recent regulatory achievement will help the company offer more services and play a bigger role in the growing crypto market of the Middle East and North Africa. This collaboration with Dubai’s regulatory authorities demonstrates Crypto.com’s dedication to compliance and highlights Dubai’s position as a forward-thinking and inviting hub for innovative crypto projects.