Crypto.com Receives a VASP License from Dubai’s VARA
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Crypto.com, a leading cryptocurrency exchange, has been granted a Virtual Asset Service Provider (VASP) license by Dubai’s Virtual Assets Regulatory Authority (VARA). The license will allow Crypto.com to offer a full suite of regulated virtual asset services to retail and institutional users in the Middle East and Africa region.
Expansion in the Middle East and Africa
This milestone is a significant step forward for Crypto.com’s expansion in the Middle East and Africa region. It also demonstrates the company’s commitment to compliance and its commitment to working with regulators to create a safe and secure environment for cryptocurrency users.
The VASP License is subject to Crypto.com fully satisfying select conditions and localization requirements defined by VARA. Once the company has met all of the requirements, it will be able to commence operations in Dubai.
Crypto.com is one of the first cryptocurrency exchanges to receive a VASP license from VARA. This is a testament to the company’s strong track record of compliance and its commitment to operating in a safe and responsible manner.
“It is an incredible honor to be one of the first crypto exchanges to be granted a Virtual Asset Service Provider License by VARA,” said Kris Marszalek, CEO of Crypto.com. “
Dubai Leading as Market for Crypto Adoptions
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. On March 28, 2022 Crypto.com announced Dubai as its regional hub.
What does this mean for Crypto.com users in the Middle East and Africa region?
The VASP License will allow Crypto.com to offer a full suite of regulated virtual asset services in the Middle East and Africa region. This includes exchange services, broker-dealer services, management and investment services, and lending and borrowing services.
These services will be available to both retail and institutional users. Retail users will be able to buy, sell, and trade cryptocurrencies through the Crypto.com app. Institutional users will be able to access a wider range of services, such as over-the-counter trading and custody solutions.
Importance of the VASP License
The VASP License is a significant milestone for Crypto.com and for the cryptocurrency industry as a whole. It shows that regulators are becoming more open to cryptocurrencies and that they are willing to work with companies to create a safe and secure environment for cryptocurrency users.
The license is also important for Crypto.com’s expansion plans in the Middle East and Africa region. It will allow the company to offer its services to a wider range of users and to compete with other exchanges in the region.
To close, Crypto.com’s receipt of a VASP license from VARA is a positive development for the cryptocurrency industry as a whole. It shows that regulators are becoming more open to cryptocurrencies and that they are willing to work with companies to create a safe and secure environment for cryptocurrency users.
