Crypto exchange Crypto.com’s Dubai entity was granted a Virtual Assets Service Provider (VASP) license by the city’s regulator, pending operational approval.
In a Nov. 14 press release, Crypto.com said that once fully approved by Dubai’s Virtual Assets Regulatory Authority (VARA), its local business CRO DAX Middle East FZE can offer retail and institutional investors exchange, broker-dealer, and lending and borrowing services.
https://t.co/vCNztATkNg is proud to announce that we have been granted a Virtual Asset Service Provider Licence from Dubai’s Virtual Assets Regulatory Authority, building on our position in the #UAE market.
— Crypto.com (@cryptocom) November 14, 2023
Crypto.com CEO Kris Marszalek said in a statement that it looks forward to working with regulators to contribute to Dubai’s crypto industry and said the city is a “leading market when designing effective regulation.”
In March 2022, the exchange pinned Dubai as its Middle East and North Africa hub. It received a provisional license from VARA in June 2022, followed by a minimal viable product (MVP) preparatory license in March this year.
With United States regulators taking action against crypto firms, Dubai has become a sought-after destination for crypto businesses seeking legal clarity — with many firms eyeing the crypto-friendly jurisdiction as an emerging digital assets hub in the Middle East.
Binance Dubai General Manager Alex Chehad said that unlike the U.S., Dubai and the United Arab Emirates have provided a clear regulatory framework for crypto firms to follow, which made it easier for large companies like Binance to establish permanent headquarters in the region.