Cryptocurrency exchange Crypto.com announced that it has received the necessary license to operate in Dubai.
Dubai Virtual Asset Regulatory Authority (VARA) has granted the necessary license to CRO DAX Middle East FZE, Crypto.com’s branch in Dubai, to serve as a virtual asset service provider (VASP).
In order for Crypto.com to operate using the license, it will first need to meet some criteria and localization conditions.
According to the statement, the company will then be able to offer stock market services, broker-dealer services, management and investment services, and borrowing and lending services in a legally regulated manner.
The Singapore-based exchange managed to obtain a license in Singapore in June, and additionally gained legal recognition in the United Kingdom, Brazil, France and the Netherlands.
Cryptocurrency companies in Dubai have been required to obtain a special approval and license since February 2023 to operate in the region.
“It is an incredible honor to be one of the first crypto exchanges to be awarded the Virtual Asset Service Provider License by VARA,” said Kris Marszalek, CEO of Crypto.com. This also enables our company to to safety And legal compliance It shows how dedicated he is.” said.