Dubai Grants VASP License to Crypto.com for Crypto Services

Cryptocurrency exchange The Dubai branch of Crypto.com has been issued a Virtual Assets Service Provider (VASP) license by the regulatory body of the city, subject to operational approval.

After receiving final approval from Dubai’s Virtual Assets Regulatory Authority (VARA), Crypto.com’s local subsidiary, CRO DAX Middle East FZE, will be able to provide exchange, broker-dealer, lending, and borrowing services to retail and institutional investors, the company said in a press release dated November 14.

CEO of Crypto.com, Kris Marszalek, said in a statement that the company is “a leading market when designing effective regulation” and that it looks forward to collaborating with regulators to contribute to Dubai’s crypto industry.

The exchange designated Dubai as its Middle East and North Africa center in March 2022. In June 2022, VARA granted it a provisional license, and in March of this year, it was granted a minimal viable product (MVP) preparatory license.

Dubai has gained significant attention from crypto businesses in search of legal certainty in the wake of regulatory actions taken by the United States against crypto firms.

Numerous firms are considering establishing themselves in the crypto-friendly jurisdiction as a burgeoning digital asset location in the Middle East.

According to Alex Chehad, general manager of Binance Dubai, Dubai and the United Arab Emirates have established a transparent regulatory framework for cryptocurrency firms to adhere to, in contrast to the United States.

This has facilitated the establishment of permanent headquarters in the region by major corporations, such as Binance.