Crypto.com confirmed today that it has received its MVP Preparatory License from Dubai’s Virtual Assets Regulatory Authority (VARA).
After receiving provisional clearance from the Dubai authority in 2022, the exchange was granted this operating license for the preliminary phase. The MVP license enables the exchange to meet the requirements to operate in accordance with the VARA guidelines during the preparatory phase.
According to the regulations, no business may engage in, or seem to engage in, any virtual asset activity through promotions and offers in Dubai unless it has obtained a license and authorization from VARA.
With the exception of the Dubai International Financial Center, all zones in the Emirate of Dubai, including special development zones and free zones, are subject to regulation, supervision, and oversight by Dubai’s VARA, which was created in March 2022.
The MVP phase’s preparatory phase gives authorized licensees the opportunity to complete all prerequisites for starting MVP market activities under the VARA regime.
Crypto.com will be able to provide spot and derivatives instruments for virtual assets once the license is operational. Exchange services, brokerage, margin or leverage trading, and over-the-counter offers centered upon settlements for institutional investors can all be included in the offerings.
Following a careful examination of the exchange, Crypto.com, according to the release, was given the MVP preliminary license. Key individuals, governance methods, anti-money laundering and counter-terror financing tools, Know Your Customer rules and procedures, ultimate beneficial owner policies and procedures, compliance procedures, and cross-border security measures were all reviewed.
Henson Orser, CEO of VARA, argued that the organization’s regulatory strategy will help create a strong and resilient ecosystem that will offer a superior virtual asset market with secure global operations.
He came to the conclusion that including organizations like Crypto.com will help it achieve its goal of creating a progressive, futuristic regulatory framework.
Globally speaking, Crypto.com has recently been growing. The majority of important markets, including the UK, France, Italy, and several others, have approved and licensed the exchange. It also obtained a license for a payment institution in Brazil. Binance previously obtained an MVP license as the exchange modified its operations plans and secured a number of regulatory licenses.
