Crypto.com’s Dubai entity grants VASP license
Crypto.com’s Dubai entity, CRO DAX Middle East FZE, has been granted a Virtual Asset Service Provider (VASP) license by Dubai regulators and is awaiting approval to operate. The license allows the company to provide exchange, broker-dealer, lending and borrowing services to both retail and institutional investors.
Regulatory cooperation in Dubai
Crypto.com CEO Kris Marszalek expressed his expectation to work with Dubai regulators to contribute to the city’s cryptocurrency industry. He emphasized that Dubai is a leading market in designing effective regulations and emphasized the company’s commitment to operating within the regulatory framework.
Dubai, a cryptocurrency-friendly destination
Dubai has emerged as a popular destination for cryptocurrency companies seeking legal clarity, especially amid ongoing regulatory actions against them in the United States. The regulatory framework of Dubai and the United Arab Emirates provides clarity, making them an attractive location to set up a permanent headquarters.
Crypto.com enters Dubai
Crypto.com has designated Dubai as its Middle East and North Africa hub in March 2022. The company received a provisional license from the Dubai Virtual Assets Regulatory Authority (VARA) in June 2022, followed by a Minimum Viable Product (MVP) ready license in March 2022. the next year.