When it comes to working with Japanese authorities, Crypto.com will have to meet additional standards in the “next several months,”
Crypto.com one of the ten biggest cryptocurrency exchanges by volume has received temporary crypto licences in Dubai.
As of Thursday, the Dubai Virtual Assets Regulatory Authority (VARA) has granted provisional approval of Crypto.com’s virtual asset licence, indicating that the first compliance inspections had been successfully completed.
Before receiving its complete operating licence, VARA will do more due diligence and meet other mandatory standards, according to the exchange.
To make Dubai a worldwide crypto centre, Crypto.com said in March that it will open a regional office in the UAE’s biggest city once new regulations for crypto were passed and VARA was established.
At a press conference, the United Arab Emirates’ Minister of State for Foreign Trade thanked cryptocurrencies, virtual assets, and blockchain for their potential to “revolutionise” the financial services industry. He went on to say that it’s “attracting enterprises to the UAE to build on this vision and allow future technologies to thrive here.”
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