Saha Swatilakha
Leading cryptocurrency platform Crypto.com said Tuesday that its Dubai operation has been granted a full Virtual Assets Service Provider (VASP) license. This makes Crypto.com the first global cryptocurrency firm authorized to operate with fiat currency in the UAE.
Crypto.com said in statement CRO DAX Middle East FZE was issued the license by the Dubai Virtual Assets Regulatory Authority (VARA).
This license allows Crypto.com to offer a range of services, including exchange operations, broker-dealer functions, investment services, and lending and borrowing facilities, to both retail and institutional investors in the region.
Crypto.com has been operating in Dubai since June 2022, when it received a provisional license from the VARA. Following this, the company secured a minimal viable product (MVP) preparatory license in March last year, and has now met all the conditions required to obtain a full VASP license.
The platform is now open to institutional clients and eligible retail investors, offering services such as spot trading, staking brokerage, and selected over-the-counter (OTC) transactions for settlements in specific markets.
Eric Anziani, president and COO of Crypto.com, expressed his excitement about the company’s expansion in the UAE, saying that “launching with our world-class Crypto.com Exchange institutional services will be fundamental to our continued growth and success in such a key market for our company.” Stuart Isted, GM of Middle East and Africa at Crypto.com, added that the company is supportive of Dubai’s efforts to progress the crypto industry and looks forward to continuing to work closely with VARA in their collective efforts to effectively and responsibly advance the sector.
Dubai has mandated cryptocurrency companies to secure authorization and the necessary licenses to conduct operations from February 2023, and obtaining a full license is a three-step process that includes receiving a provisional permit, securing a preparatory license, and finally, being granted an operating license.
Crypto.com’s move to secure a full VASP license in Dubai highlights the city-state’s growing importance in the international cryptocurrency industry, as well as its clear regulatory guidelines, which have attracted crypto businesses looking for a favorable regulatory environment. The regulatory landscape around the world is becoming increasingly complex for cryptocurrency firms, making Dubai an attractive destination for companies seeking to expand their operations.
