A prominent name in the industry, Crypto.com, has received a license to operate crypto exchange services in Dubai. Indeed, the country’s digital asset regulator has granted the company the necessary license to offer crypto services and broker-deal services in the country.
The company released a statement announcing the reception of Dubai’s Virtual Asset Service Provider, also known as VASP, license. Subsequently, this development grants the company the ability to offer specified crypto offerings in the region and grow its reach. Alternatively, Ripple’s XRP had recently been integrated into Dubai’s finance offerings as a display of commitment to digital assets.
Crypto.com Gets Crypto License in Dubai
One of the most interesting trends of 2023 is the world’s varying approaches to digital asset regulation. Countries are all seeking to govern the industry while still maintaining their efforts toward progress and room for growth. However, the balancing act is difficult to find, and few have been able to settle on widely accepted regulatory standards. However, one country doing exceptionally well has just welcomed another digital asset company.
Specifically, Crypto.com has received a license to operate a crypto exchange in Dubai, according to a statement from the company. They noted that their Dubai entity, CRO DAX Middle East FZE, has been granted the VASP license. Subsequently, they will be authorized to offer investment, lending, borrowing, and broker-dealer services after operational approval is granted.
“‘Crypto.com’s VASP license is subject to the company fully satisfying select conditions and localization requirements defined by VARA and will be able to commence operations thereafter, subject to operational approval notice from the regulator,” the company stated.
“We are excited to showcase more of our industry-leading products to customers across permissible jurisdictions in Dubai,” CEO Kris Marszalek stated. Additionally, he noted regional aid in contributing to what he called a “thriving ecosystem.”