With its new approval, Crypto .com is preparing to kick off operations in Dubai.
Crypto.com announced it has obtained a minimal viable product preparatory license from Dubai’s Virtual Asset Regulatory Authority .from the Dubai regulator in 2022. In the preparatory stage, the MVP license allows the exchange to fulfill the conditions to operate within set VARA rules. The rules outline that no company may carry out, or appear to, any virtual asset activity through promotions and offers in Dubai unless it is authorized and licensed by VARA.
Dubai’s VARA was established in March 2022 and is in charge of regulating, supervising, and overseeing virtual assets and virtual asset activities in all zones across the Emirate of Dubai, including Special Development Zones and Free Zones but excluding the Dubai International Financial Centre. The MVP Phase in its preparatory stage allows for approved licensees to fulfill all pre-conditions required to undertake MVP market operations within the VARA Regime. Once the license is operational, Crypto.com will be allowed to offer spot and derivatives instruments of virtual assets. The offerings can include exchange services, brokerage, margin or leverage trading, and Over-the-counter offerings around settlements for institutional investors., Crypto.
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