Crypto.com Receives Virtual Asset Service Provider License from Dubai's Virtual Assets Regulatory Authority

November 14, 2023 - Crypto.com's Dubai entity, CRO DAX Middle East FZE, has been granted a Virtual Assets Service Provider (VASP) Licence for specified virtual asset service activities by Dubai’s Virtual Assets Regulatory Authority (VARA).  This licence remains contingent on meeting specific pre-operating criteria and receiving final operational approval 

Upon receiving the final operational green light, Crypto.com will be authorised to offer a range of regulated virtual asset services in Dubai. These services include exchange operations, broker-dealer functions, management and investment services, as well as lending and borrowing facilities, accessible to both retail and institutional clients through the Crypto.com App and its Exchange platform.

Crypto.com is actively working towards becoming one of the initial virtual asset exchanges to fully activate its VASP Licence under VARA's recently issued specialised regulations for virtual assets in February 2023. This advancement follows Crypto.com's achievement of obtaining its MVP Provisional Licence in June 2022 and its MVP Preparatory Licence in March 2023. Additionally, the company declared Dubai as its regional headquarters for the Middle East and Africa in March 2022.

Kris Marszalek, CEO of Crypto.com, commented, “It is an incredible honour to be one of the first crypto exchanges to be granted a Virtual Asset Service Provider Licence by VARA, and it further proves our company’s commitment to security and compliance. Dubai continues to be a frontrunner in crafting effective crypto regulations that encourage both adoption and innovation. We are eager to introduce more of our leading products to customers in permissible jurisdictions from Dubai and are looking forward to collaborating with regulators in this dynamic ecosystem.”