Crypto.com secures regulatory nod for Dubai operations

Crypto.com’s Dubai-based entity has announced that it is on the brink of obtaining regulatory approval for its Virtual Assets Service Provider (VASP) licence from Dubai’s Virtual Assets Regulatory Authority (VARA).

The announcement, made in a statement on Tuesday, signals a significant step for the crypto exchange in expanding its services in the Middle East.

Once the operational approval is secured, the VASP licence will permit Crypto.com to provide a range of services to both retail and institutional investors within the market. These services encompass exchange services, broker-dealer services, investment services, as well as lending and borrowing services, according to the company’s official statement.

Dubai established VARA in March 2022, aiming to regulate the burgeoning virtual asset sector within the emirate, excluding the Dubai International Financial Centre. The move is part of Dubai’s broader strategy to position itself as a global hub for the cryptocurrency industry and enhance economic diversification.

Kris Marszalek, CEO of Crypto.com, expressed confidence in Dubai’s regulatory approach, stating, “Dubai continues to show it is a leading market when designing effective regulation for the crypto space while still supporting adoption and innovation.”

With a user base exceeding 80 million globally, Crypto.com designated Dubai as its regional hub for the Middle East and North Africa in March 2022. This decision follows a trend among major industry players gravitating towards the Gulf city-state.