Another Crypto Exchange Crypto.com Receives Provisional Approval from Dubai Virtual Assets Regulatory Authority
Crypto.com, the world's fastest-growing cryptocurrency platform, announced today that the Dubai Virtual Assets Regulatory Authority (VARA) has provisionally approved its Virtual Asset MVP License, allowing Crypto.com to operate a complete array of crypto exchange goods and services. The operating license under this specialized program will be provided as soon as the company meets all of the program's conditions.
VARA, which was founded in March 2022, is responsible for overseeing the issuance, trading, and approving of virtual assets in Dubai, as well as regulating cryptocurrency exchanges and service providers and monitoring transactions to provide the greatest level of consumer safety. Following Crypto.com's submission of papers outlining their guarantee of compliance inspections, the Provisional License was approved. Following additional due diligence and VARA's final issuing of the Virtual Asset MVP License, the firm will provide more products and services to both institutional investors and eligible consumers.
"We think cryptocurrencies, virtual assets, and blockchain will change the financial services industry," stated H.E. Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade. "We are luring firms to the UAE to build on this goal and enable future innovations to flourish here through our Virtual Asset Regulatory Authority and other vital efforts," he says.
"The establishment of the first-of-its-kind specialized authority to regulate the Virtual Assets industry is a pioneering move by Dubai's leadership, which sees this sector as an accelerator for the future global economy," said Helal Saeed Almarri, Director-General of the Dubai World Trade Centre Authority, which houses VARA. "VARA is dedicated to bringing together service providers, technological enablers, and governments to co-create the next generation ecosystem for the Virtual Assets market, and we are delighted to welcome Crypto.com to this expanding group of top global VA sector participants." Crypto.com will be one of the anchors working with VARA to establish a worldwide future-focused regulatory framework as a licensed participant."
"We're pleased to expand our product and service offerings in a market that's critical to our success and similarly devoted to regulation and compliance," said Kris Marszalek, Co-Founder, and CEO of Crypto.com. "We are looking forward to engaging with regulators across the area to grow Crypto.com's service and market presence."
Crypto.com has been growing its capabilities throughout the Middle East and beyond, and this is the latest example. Crypto revealed intentions to open a regional center in Dubai in March. Through Investopia, Crypto.com is also collaborating with the UAE government to foster global financial innovation both inside the market and worldwide.
JUST IN: https://t.co/gp8AK4709L exchange has been granted provisional approval to operate in Dubai.
— Watcher.Guru (@WatcherGuru) June 3, 2022
About Crypto.com
Crypto.com, which was founded in 2016, has over 50 million customers and is the world's fastest-growing worldwide cryptocurrency platform. Cryptocurrency in Every WalletTM is our mission. Crypto.com is dedicated to advancing the adoption of cryptocurrencies via innovation and enabling the next generation of builders, creators, and entrepreneurs to create a fairer and more equal digital economy, built on a foundation of security, privacy, and compliance. Visit https://crypto.com for more information.