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Crypto.com Granted License To Process Digital Asset License in Dubai
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Crypto.com Granted License To Process Digital Asset License in Dubai

  • Crypto.com completed its licensing process in Singapore in June.

The crypto exchange Crypto.com stated on Tuesday that it has been given a license to operate specific digital asset service activities in Dubai.

The license was issued to its Dubai entity, CRO DAX Middle East FZE, which gained preliminary permission from Dubai’s Virtual Assets Regulatory Authority (VARA) in March.

A provisional permit, a preparatory license, and an operating license are all required before receiving a full license. Crypto.com is already in the third stage of the process, but in order to begin operations, the company must meet localization standards and restrictions.

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The exchange will subsequently be granted operational permission to offer “exchange services, broker-dealer services, management and investment services, and lending and borrowing services.” The Singapore-based exchange concluded its licensing procedure in June and has regulatory triumphs in the Netherlands, the United Kingdom, France, and Brazil. During the recent banking crisis, however, it had labor cuts and trouble sustaining fiat on-ramps.

Dubai has required cryptocurrency enterprises to seek authorization and related permits in order to operate in February 2023. Laser Digital, the financial services firm Nomura’s digital asset asset division, recently got an operating permission.

“It is an incredible honour to be one of the first crypto exchanges to be granted a Virtual Asset Service Provider Licence by VARA, and it further proves our company’s commitment to security and compliance,” said Kris Marszalek, CEO of Crypto.com.

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