On November 14, 2023, Crypto.com revealed that its Dubai entity, CRO DAX Middle East FZE, received a Virtual Assets Service Provider (VASP) Licence from Dubai’s Virtual Assets Regulatory Authority (VARA).
The license is contingent upon meeting specified conditions and localization requirements outlined by VARA. Operations can commence upon receiving an operational approval notice from the regulator, as per the latest information shared with Finbold.
Upon operational approval, the VASP Licence will enable Crypto.com to provide regulated virtual asset services, encompassing exchange, broker-dealer, management, investment, and lending and borrowing services.
These offerings will be accessible to retail and institutional market users through the Crypto.com App and Crypto.com exchange.
Crypto.com’s dedication to security
Crypto.com strives to be among the earliest virtual asset exchanges to implement its VASP Licence, aligning with VARA’s specialized regulations for virtual assets introduced in February 2023.
This achievement underscores Crypto.com’s dedication to cross-border risk assurance and compliance with VARA’s robust framework as the company progresses toward the final operational approval stage.
This progress follows the issuance of the MVP Provisional Licence in June 2022 and the MVP Preparatory Licence in March 2023. Additionally, Crypto.com designated Dubai as its regional hub for the Middle East and Africa in March 2022.
Kris Marszalek, CEO of Crypto.com stated:
“It is an incredible honor 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 show it is a leading market when designing effective regulation for the crypto space while still supporting adoption and innovation.”
Finally, Crypto.com just recently introduced a new crypto derivatives product called – Strike Options that allows users to predict whether the underlying asset’s price will go up or down and make a profit this way.