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Home Crypto Exchanges

Crypto.com Is One Step Closer To Obtaining An Operating License In Dubai 

Hania by Hania
March 20, 2023
in Crypto Exchanges
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From Dubai’s Virtual Assets Regulation Authority, the platform is awarded a Preparatory License.

The Dubai Virtual Assets Regulatory Authority (VARA) has granted the Singapore-based cryptocurrency platform Crypto.com its minimal viable product (MVP) Preparatory License, the company said on Monday.

A provisional permit, a license for preparatory work, and an operating license are the three stages of the MVP license application process. Currently, Crypto.com is in the second stage of the process.

“Once licensed to be operational, Crypto.com will be able to extend its approved suite of duly regulated virtual asset activities spanning a range of cryptocurrency “Exchanges (spot and derivatives), brokerages, margin and leverage trading, and OTC settlements for institutional investors are among the offerings,” according to the announcement.

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Dubai has published its legal framework for cryptocurrencies, which includes seven activity-based rulebooks and four mandatory rulebooks for service providers. All companies associated with cryptocurrencies must apply for the appropriate authorization and licensing.

Henson Orser, CEO of VARA, said, “We are pleased to welcome Crypto.com to the MVP Programme preparatory phase. As a result, the involvement of reputable players like Crypto.com will further our goal of creating a proactive regulatory framework.”

During the past several months, Crypto.com has experienced a range of lows and highs, including a banned advertisement in the U.K., job layoffs, and challenges keeping fiat on-ramps running in the face of the current banking crisis.

Read more:

Crypto.com Will Be Laying Off 20% Of Its Workforce In 2023

Crypto.com Secures New Regulatory Approval To Deliver Services In France

Binance Received Yet Another Green Light from VARA To Provide Services In Dubai

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Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

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