Crypto.com, a leading cryptocurrency exchange, has recently achieved a major milestone by securing a Virtual Assets Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA). This significant accomplishment was announced through Crypto.com’s entity CRO DAX Middle East FZE. While the exchange has obtained a partial VASP license, it must fulfill specific conditions set by VARA to acquire the full license.
By meeting the necessary requirements, Crypto.com will eventually be eligible for operational approval. This means that the exchange will be authorized to offer regulated digital asset services, including exchange, broker-dealer, management and investment, as well as lending and borrowing services. This coveted status will enable Crypto.com to present its top-notch products to customers across permitted jurisdictions from Dubai.
Dubai has established itself as one of the most crypto-friendly hubs in the world, garnering praise from numerous crypto-related firms operating within the region. In recent months, the regulatory body of Dubai has granted operational licenses to several crypto exchanges and firms like Komainu, Backpack Exchange, and WadzPay. These developments solidify Dubai’s reputation as a crypto-friendly jurisdiction with a robust regulatory framework and comprehensive rulebooks for VASPs.
The achievement of the VASP license by Crypto.com highlights Dubai’s commitment to designing effective regulations that support innovation in the crypto space. The CEO of Crypto.com, Kris Marszalek, expressed his pride in this milestone, emphasizing that the license demonstrates the company’s dedication to security and compliance. He also commended Dubai authorities for their forward-thinking regulations, which strike a balance between fostering adoption and innovation while maintaining a secure environment.
Brad Garlinghouse, the CEO of Ripple, has hailed Dubai as a prime example of a jurisdiction where regulators actively engage with the evolving crypto industry. He recognizes Dubai’s position as a global frontrunner in the crypto space, attributing its success to clear regulatory frameworks, policies that promote innovation, and an entrepreneurial-friendly environment.
Crypto.com’s attainment of the VASP license from the Dubai Virtual Assets Regulatory Authority is a significant achievement for the exchange. This license represents not only Crypto.com’s commitment to security and compliance but also Dubai’s leadership in designing effective regulations for the crypto industry. As Dubai continues to establish itself as a crypto-friendly jurisdiction, it attracts more firms and strengthens its reputation as a global frontrunner in the world of digital assets.