Crypto.com Granted Virtual Assets Service Provider Licence in Dubai

Published 5 months ago
  Crypto.com

Crypto.com, through its Dubai entity CRO DAX Middle East FZE, has been awarded a Virtual Assets Service Provider (VASP) Licence by Dubai’s Virtual Assets Regulatory Authority (VARA). The licence is contingent upon the company meeting select conditions and localisation requirements defined by VARA, with operational approval from the regulator.

Expanded Services on the Horizon for Crypto.com

Upon receiving operational approval, Crypto.com will be able to offer a range of regulated virtual asset services. Exchange services, broker-dealer services, management and investment services, as well as lending and borrowing services will be accessible to both retail and institutional users via the Crypto.com App and Crypto.com Exchange.

A Milestone in Crypto.com’s Regulatory Journey

The company has been working intensively to operationalise its VASP Licence, following VARA’s introduction of specialised regulations for virtual assets in February 2023. This marks a significant step in Crypto.com’s commitment to cross-border risk assurance and compliance with VARA’s robust framework. The company had previously received its MVP Provisional Licence in June 2022 and MVP Preparatory Licence in March 2023. Furthermore, Crypto.com announced Dubai as its regional hub for the Middle East and Africa in March 2022.

A Commitment to Security and Compliance

Kris Marszalek, CEO of Crypto.com, expressed his pleasure at being one of the first crypto exchanges to receive a VASP Licence from VARA, stating it validated the company’s dedication to security and compliance. Marszalek applauded Dubai’s approach to designing effective regulation for the crypto space while still fostering adoption and innovation. He mentioned the company’s eagerness to introduce more of its industry-leading products to customers in permissible jurisdictions from Dubai and expressed anticipation for collaboration with regulators to contribute to this thriving ecosystem.

Crypto.com: A Leader in Regulatory Compliance

Founded in 2016, Crypto.com serves more than 80 million customers worldwide and sets the pace in the industry in areas of regulatory compliance, security, and privacy. The company’s vision is to make cryptocurrency accessible to all, and it is dedicated to expediting the adoption of cryptocurrency through innovation and empowering the next generation of digital ecosystem builders, creators, and entrepreneurs.

About VARA

VARA was established in March 2022 following the enactment of Law No.4 of 2022. It is responsible for regulating, supervising, and overseeing Virtual Assets (VAs) and VA Activities in all zones across Dubai, excluding the Dubai International Financial Centre. VARA plays an instrumental role in shaping Dubai’s advanced legal framework to protect investors and establish international standards for Virtual Asset industry governance, while supporting the vision for a borderless economy.

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