Crypto.com's Middle-East Presence Solidifies with Dubai Crypto Licence

<p>Crypto.com's
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). </p><p>Offering
Regulated Services with VARA's Approval</p><p>The
VASP Licence, subject to the fulfillment of select conditions and localisation
requirements defined by VARA, will enable Crypto.com to offer regulated virtual
asset services. These services include exchange, broker-dealer, management and
investment, as well as lending and borrowing. </p><p>Importantly,
these offerings will be accessible to both retail and institutional users
through the Crypto.com App and Crypto.com Exchange. This follows VARA's
issuance of specialized regulations for virtual assets in February 2023. </p><p>Kris
Marszalek, the CEO of Crypto.com stated: "It is an incredible honor to be 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." Crypto.com previously announced Dubai as its regional hub
for the Middle East and Africa in March 2022. </p><p>“Dubai continues to show it is a leading market
when designing effective regulation for the crypto space while still supporting
adoption and innovation,” he added.</p><blockquote><p lang="en" dir="ltr"><a href="https://t.co/vCNztATkNg">https://t.co/vCNztATkNg</a> is proud to announce that we have been granted a Virtual Asset Service Provider Licence pending operational approval from Dubai's Virtual Assets Regulatory Authority, building on our position in the <a href="https://twitter.com/hashtag/UAE?src=hash&amp;ref_src=twsrc%5Etfw">#UAE</a> market.Learn more:<a href="https://t.co/0anXDLsxTv">https://t.co/0anXDLsxTv</a> <a href="https://t.co/SgcqSTSqux">pic.twitter.com/SgcqSTSqux</a></p>— Crypto.com (@cryptocom) <a href="https://twitter.com/cryptocom/status/1724342013254901921?ref_src=twsrc%5Etfw">November 14, 2023</a></blockquote><p>Earlier Crypto.com secured a <a href="https://www.financemagnates.com/cryptocurrency/cryptocom-secures-dubai-presence-with-new-mvp-preparatory-license/">Minimal
Viable Product Preparatory license from VARA</a>. That followed provisional approval granted last year and
positioned Crypto.com to operate within the VARA Regime. Under the
license, the exchange gains the authority to offer spot and derivatives
instruments of virtual assets, including exchange services, brokerage, margin
or leverage trading, and OTC offerings.</p><p>Crypto.com's
other Approvals</p><p>In
earlier reports, <a href="https://www.financemagnates.com/">Finance Magnates</a>
wrote that <a href="https://www.financemagnates.com/cryptocurrency/cryptocom-obtains-license-to-offer-services-in-the-netherlands/">Crypto.com
secured a Digital Asset Service Provider license from the Dutch central
bank</a>, enabling the Singapore-based exchange to offer cryptocurrency
services in the Netherlands. This adds to the company's existing regulatory
approvals across Europe, including France and the UK.</p><p>Simultaneously,
<a href="https://www.financemagnates.com/tag/crypto-com/" target="_blank" rel="follow">Crypto.com</a> announced its <a href="https://www.financemagnates.com/thought-leadership/cryptocom-obtains-virtual-asset-service-provider-registration-in-spain/">Virtual
Asset Service Provider registration from the Bank of Spain</a>, setting
compliance with Anti-Money Laundering Directive and financial crime
laws. This approval allows Crypto.com to extend its products and services to
users in Spain.</p>

This article was written by Tareq Sikder at www.financemagnates.com.