To facilitate the global expansion of Crypto.com’s crypto services, the regulatory authority in Dubai has granted them provisional license.
An essential step towards consolidating Dubai’s status as a worldwide center for virtual assets has been taken with the issuance of a provisional license by Dubai’s regulatory authority to CRO DAX Middle East FZE, a subsidiary of Crypto.com based in Dubai.
As per a Reuters report, this significant achievement, contingent upon operational approval, is positioned to enable Crypto.com to provide a wide range of services to institutional and retail investors, including broker-dealer, investment, lending, and borrowing services.
Dubai Grants Provisional Licence to Crypto.com
CRO DAX Middle East FZE, the Dubai division of Crypto.com, has attained a noteworthy regulatory accomplishment by being granted a provisional license by Dubai’s Virtual Assets Regulatory Authority (VARA).
In the interim, this Virtual Assets Service Provider (VASP) license will grant Crypto.com the ability to offer a comprehensive array of services to retail and institutional investors in the market, contingent upon operational approval.
It is worth noting that the regulatory approval coincides with Dubai’s efforts to position itself as a prominent international center for the virtual asset industry, excluding the Dubai International Financial Centre.
In the interim, CEO Kris Marszalek expressed assurance in Dubai’s regulatory framework while discussing the update. The speaker underscored Dubai’s position as a frontrunner in formulating efficacious cryptocurrency regulations while promoting acceptance and nurturing originality.
In line with the increasing number of significant industry participants selecting the Gulf city-state, Crypto.com established its regional hub for the Middle East and North Africa in Dubai earlier in 2022. The company serves over 80 million customers worldwide.
Dubai Becomes a Virtual Asset Powerhouse
By obtaining this provisional license, Crypto.com intends to utilize Dubai as its central location for the Middle East and North Africa, capitalizing on the rapidly expanding virtual asset industry.
Upon becoming operational, the license will grant Crypto.com the ability to offer various services that accommodate the varied requirements of institutional and retail investors.
As per market observers, this strategic maneuver is consistent with Dubai’s aspirations to establish a regulatory framework that is effective in the cryptocurrency sector while fostering an atmosphere favorable for innovation and widespread adoption.
Significantly, the Gulf city-state is positioning itself as a prominent participant in the worldwide virtual asset arena, drawing attention from major industry stakeholders interested in engaging in its endeavor to diversify it
