Crypto.com's Dubai Unit Awaits Full Approval for Virtual Assets Services Amidst Crypto-Friendly Regulations
Summary:
Crypto.com's Dubai branch has received a provisional Virtual Assets Service Provider license, which upon full approval will allow it to offer various services to retail and institutional investors. CEO Kris Marszalek expresses eagerness to collaborate with regulators to boost Dubai's crypto industry. As U.S. regulators crack down on crypto businesses, Dubai has emerged as a favored destination offering clear and crypto-friendly regulations, attracting firms such as Binance to establish their headquarters in the region.
Crypto.com's Dubai unit has been provisionally awarded a Virtual Assets Service Provider (VASP) license from the city's overseeing body and is waiting for operational approval. In a press statement on November 14, Crypto.com announced that with the complete endorsement of Dubai's Virtual Assets Regulatory Authority (VARA), its local branch, CRO DAX Middle East FZE, will be able to provide retail and institutional investors with exchange, broker-dealer, and lending and borrowing facilities.
Crypto.com CEO Kris Marszalek expressed his eagerness to collaborate with regulatory authorities to help grow the crypto world in Dubai, noting the city's effectiveness in drawing up rules and regulations. The exchange determined Dubai as its central hub for the Middle East and North Africa in March 2022. It first secured a provisional authorization from VARA in June 2022, which was followed by a viable product (MVP) preliminary license in March of the current year.
As U.S. regulatory bodies clamp down on crypto companies, Dubai has emerged as a popular location for crypto enterprises in search of legal clarity. Numerous firms are targeting the crypto-friendly jurisdiction as a budding digital assets center in the Middle East. Binance Dubai General Manager Alex Chehad praises the UAE and Dubai for providing a clear, easy-to-follow regulatory framework for crypto firms, making it simpler for large corporations like Binance to establish their permanent bases in the area.
Published At
11/14/2023 5:43:23 AM
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