The licence is subject to fulfilment of conditions and qualifying for operational approval which Crypto.com has fulfilled according to the Dubai authorities.
Crypto.com announced today that its Dubai entity, CRO DAX Middle East FZE, has been granted a Virtual Assets Service Provider (VASP) Licence for specified virtual asset service activities by Dubai’s Virtual Assets Regulatory Authority (VARA). Crypto.com’s VASP Licence is subject to the Company fully satisfying select conditions and localisation requirements defined by VARA, and will be able to commence operations thereafter subject to operational approval notice from the regulator.
Following operational approval, the VASP Licence will allow Crypto.com to offer regulated virtual asset service activities, including exchange services, broker-dealer services, management and investment services, and lending and borrowing services. These services will be available to retail and institutional users in-market via the Crypto.com App and Crypto.com Exchange.
Crypto.com aims to become one of the first virtual asset exchanges to operationalise its VASP Licence following VARA’s issuance of its specialised regulations for virtual assets in February 2023. This milestone exhibits Crypto.com’s commitment to cross-border risk assurance and compliance with the robust framework implemented by VARA as the firm works towards the final operational approval stage, and follows the company receiving its MVP Provisional Licence in June 2022 and MVP Preparatory Licence in March 2023. Crypto.com also announced Dubai as its regional hub for the Middle East and Africa in March 2022.
“It is an incredible honour to be the one of the first crypto exchanges to be granted a Virtual Asset Service Provider Licence by VARA, and it further proves our company’s commitment to security and compliance,” said Kris Marszalek, CEO of Crypto.com. “Dubai continues to show it is a leading market when designing effective regulation for the crypto space while still supporting adoption and innovation. 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.”