Crypto.com’s Dubai branch will be able to provide its usual suite of services upon receiving final operating clearance for the license, which includes acting as an exchange, broker, and lender.
Change of crypto A Virtual Assets Service Provider (VASP) license was issued to Crypto.com in Dubai, pending operational clearance.
Crypto.com said in a news release dated November 14 that its local subsidiary CRO DAX Middle East FZE would be able to provide exchange, broker-dealer, and lending and borrowing services to consumers and institutional investors once it receives full approval from Dubai’s Virtual Assets Regulatory Authority (VARA).
Kris Marszalek, CEO of Crypto.com, released a statement saying the company is looking forward to collaborating with authorities in Dubai, calling the emirate a “leading market when designing effective regulation.”
Dubai will serve as the exchange’s Middle East and North Africa center starting of March 2022. In June of 2022, it was granted a preliminary license from VARA, and in March of this year, it was granted an MVP preparatory license.
Dubai, a crypto-friendly state, is developing as a digital assets center in the Middle East as a result of recent enforcement actions taken by U.S. officials against cryptocurrency enterprises.
Alex Chehad, general manager of Binance’s Dubai office, has remarked that, in contrast to the United States, Dubai and the United Arab Emirates have established a clear regulatory framework for crypto enterprises to follow.
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