Crypto.com‘s Dubai branch is poised for expansion, awaiting the final nod to offer Exchange, Broker-Dealer and Finance Services.
The branch has received a preliminary Virtual Assets Service Provider (VASP) license from the city’s regulatory body, with final operational approval still pending. According to a press release on Nov. 14, Crypto.com announced that following complete authorization from Dubai’s Virtual Assets Regulatory Authority (VARA), its regional entity CRO DAX Middle East FZE will be able to provide services to both retail and institutional clients, including exchange operations, broker-dealer functions, as well as lending and borrowing facilities.
CEO Kris Marszalek stated that the company is eager to collaborate with regulatory authorities to support the growth of Dubai’s cryptocurrency sector, noting that the city is at the forefront in developing efficient regulations.
https://t.co/vCNztATkNg is proud to announce that we have been granted a Virtual Asset Service Provider Licence pending operational approval from Dubai's Virtual Assets Regulatory Authority, building on our position in the #UAE market.— Crypto.com (@cryptocom) November 14, 2023
Learn more:https://t.co/0anXDLsxTv pic.twitter.com/SgcqSTSqux
In March 2022, Crypto.com identified Dubai as its central hub for operations in the Middle East and North Africa region. The exchange initially obtained a provisional license from VARA in June 2022, and later, in March of the current year, it secured a license for a minimal viable product (MVP) as part of its preparatory phase.
As U.S. authorities increase scrutiny of cryptocurrency companies, Dubai is gaining popularity among these firms as they search for legal certainty. This has led to a surge in interest in the region, recognized for its welcoming stance towards cryptocurrencies, as a rising center for digital assets in the Middle East.
Alex Chehad, the General Manager of Binance in Dubai, noted that Dubai and the United Arab Emirates stand out compared to the U.S. by offering a transparent regulatory environment for cryptocurrency businesses. This clarity has facilitated major companies like Binance in setting up permanent bases in the area.