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Crypto.com, one of the leading cryptocurrency exchanges, has announced that it has obtained a Virtual Asset Service Provider (VASP) license from the Virtual Assets Regulatory Authority (VARA) in Dubai to carry out certain cryptocurrency activities.
In a statement regarding the matter, Crypto.com stated that its Dubai branch, CRO DAX Middle East FZE, has obtained a license from Dubai’s Virtual Assets Regulatory Authority, and that after obtaining operational approval, the exchange will be able to offer exchange, brokerage, investment, lending, and borrowing services.
The company said, “Crypto.com’s VASP license was obtained by fully meeting the specific conditions and localization requirements defined by VARA, and after that, it can start its operations subject to operational approval notification from the regulator.”
Kris Marszalek, CEO of Crypto.com, commented on the VASP license, saying, “We are excited to offer more than our industry-leading products to customers in jurisdictions permitted by Dubai. We look forward to working with regulators contributing to this evolving ecosystem.”
Crypto.com’s Global Expansion
Crypto.com managed to obtain a Major Payment Institution license for its Digital Payment Token (DPT) services in Singapore one year after receiving in-principle approval in June of this year. The cryptocurrency exchange also successfully registered with the Central Bank of the Netherlands in July of this year to offer cryptocurrency services.
Laser Digital, Nomura’s cryptocurrency arm, announced in August of this year that it had completed the final stage of VARA’s licensing process and obtained a full license in Dubai. This approval is significant as it allows the company’s Dubai branch to offer cryptocurrency brokerage and asset management services.
