Dubai Regulator Approves Crypto License for Crypto.com: What It Means for Cryptocurrency Regulations?
Dubai has been making strides in the global digital currency market, and the recent approval of a crypto license for Crypto.com is another testament to the country’s progressive stance towards cryptocurrencies. VARA’s move has opened up new opportunities for digital currency operations in Dubai. Crypto.com’s commitment to transparency and customer protection is strengthened by following strong regulations on cryptocurrency. This enhances the platform’s credibility and fosters increased trust in the broader cryptocurrency market.
With the MVP Preparatory License, Crypto.com can now provide a wide range of virtual asset-related services to retail and institutional investors in Dubai. The license comes with an internationally recognized regulatory framework for virtual asset service providers (VASPs), which ensures Crypto.com operates within strict compliance guidelines.
The Road To Compliance: The Significance Of MVP Preparatory License
After receiving provisional approval from the Dubai regulator in 2022, Crypto.com obtained an MVP preparatory license, which allows the exchange to fulfill all the pre-conditions required to undertake MVP market operations under VARA rules. This license is an essential step towards an operating permit and enables Crypto.com to offer virtual asset services to investors following cryptocurrency regulations within VARA’s regulatory framework. Once operational, Crypto.com can provide a range of services, including spot and derivative instruments for virtual assets. It can also offer exchange services, brokerage, margin or leverage trading, and over-the-counter offerings around settlements for institutional investors.
The Rigorous Evaluation Process Behind The Crypto License
After undergoing a rigorous review process, Crypto.com has been granted the MVP preparatory license. This review covered various aspects related to the exchange’s operations and compliance practices, including its governance procedures, AML/CFT capabilities, KYC policies and procedures, ultimate beneficial owner policies and procedures, and cross-border safety measures. As a result, Crypto.com has met the required standards for VARA’s regulatory framework for virtual asset service providers, making it eligible for the MVP license.
VARA CEO Touts Crypto.Com As The Key To A Resilient Virtual Asset Ecosystem
In a recent statement, VARA CEO Henson Orser highlighted the importance of their regulatory approach to creating a robust and secure ecosystem for virtual asset markets. Orser emphasized the need for forward-thinking regulation to enable businesses like Crypto.com to thrive while complying with regulatory requirements. Meanwhile, Kris Marszalek, CEO of Crypto.com, expressed his excitement at receiving the MVP preparatory license, calling it a significant milestone for the company in a highly competitive market. He added that the license would allow them to continue providing their customers with the most comprehensive and secure crypto experience while working collaboratively with regulators.
