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Crypto.com Moves Closer to an Operational License in Dubai
The platform is now in the second stage of a three-state licensing process.
By Amitoj Singh
Updated Mar 20, 2023, 10:09 p.m. Published Mar 20, 2023, 10:59 a.m.
Singapore-based crypto platform Crypto.com has received its minimal viable product (MVP) preparatory license from Dubai’s Virtual Assets Regulatory Authority (VARA), the firm announced on Monday.
Obtaining license involves three stages, including getting a provisional permit, a preparatory license and an operating license. Crypto.com is in the second stage of the process.
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"Once licensed to be operational, Crypto.com will be able to extend its approved suite of duly regulated virtual assets activities spanning a range of crypto exchange services (spot and derivatives), brokerage, margin/leverage trading and OTC (over-the-counter) offerings around settlements for institutional investors," the announcement said.
Read More: Dubai’s Crypto Industry Welcomes New Licensing Regime Amid Global Regulatory Uncertainty
“We are pleased to welcome Crypto.com to the MVP Programme preparatory phase,” VARA CEO Henson Orser said in the statement. "As such, participation from credible players like Crypto.com will further our mission of delivering a progressive and future-focused regulatory framework.”
Dubai recently unveiled its crypto regulatory framework that included a set of rules for all crypto companies and required the companies to get a licenses in order to operate in the country legally.
The past few months have seen Crypto.com go from the highs of successful approvals to operate in France and Brazil to a banned advertisement in the U.K., workforce cuts and difficulty maintaining fiat on-ramps during the current banking crisis.
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