Crypto.com, a prominent cryptocurrency exchange, has recently obtained a Virtual Assets Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA). This license, granted to the exchange’s entity CRO DAX Middle East FZE, signifies a significant step towards offering regulated digital asset services in Dubai. However, there are still certain conditions set by VARA that Crypto.com needs to fulfill to obtain the full VASP license.
Kris Marszalek, the CEO of Crypto.com, expressed his pride in achieving this milestone and emphasized the company’s unwavering commitment to security and compliance. The VASP license serves as evidence of Crypto.com’s dedication to ensuring the safety and protection of its customers. Marszalek also commended the Dubai authorities for their effective regulations, which not only support innovation but also establish Dubai as a leading market in creating regulatory frameworks for the crypto space.
Dubai has emerged as one of the most favorable jurisdictions for cryptocurrency-related activities globally. The city’s regulatory body has been granting operational licenses to various crypto exchanges and firms, further solidifying its reputation as a crypto-friendly hub. Several notable entities, including Komainu, Backpack Exchange, and WadzPay, have already received operational licenses from Dubai’s regulatory body. These developments demonstrate Dubai’s robust regulatory framework and comprehensive rulebooks for VASPs, positioning the city as an attractive destination for crypto firms.
Upon obtaining full operational approval, Crypto.com will have the opportunity to provide its top-notch products to customers across permitted jurisdictions in Dubai. The full VASP license will enable the exchange to offer a wide range of regulated digital asset services, including exchange, broker-dealer, management and investment, and lending and borrowing services. This operational approval not only enhances the company’s credibility but also ensures that customers can trade and invest in cryptocurrencies with confidence.
Brad Garlinghouse, the CEO of Ripple, has highlighted Dubai as a prime example of a jurisdiction where regulators actively engage with the evolving crypto industry. Drawing attention to Dubai’s global frontrunner status, Garlinghouse attributes the city’s success to the presence of clear regulatory frameworks, policies that promote innovation, and an overall environment supportive of entrepreneurial endeavors. Dubai has successfully struck a balance between embracing technological advancements in the crypto space and maintaining effective regulatory oversight.
Crypto.com’s recent acquisition of a VASP license from VARA marks a significant achievement for the exchange. Dubai’s commitment to creating a crypto-friendly environment, coupled with comprehensive regulatory frameworks, has attracted numerous crypto-related firms to establish a presence in the city. As Crypto.com moves closer to obtaining full operational approval, it is poised to become a leading player in the regulated digital asset services market in Dubai.
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