•  Crypto.com has obtained preliminary approval for a Virtual Assets Service Provider (VASP) license from local regulatory authorities, with final approval pending operational clearance.

•  Upon receiving the final approval, the VASP license will empower Crypto.com to offer a comprehensive suite of services to both retail and institutional investors within the market.

 •  The establishment of the Virtual Assets Regulatory Authority (VARA) in Dubai in March 2022 signifies the emirate’s commitment to regulating the emerging virtual asset sector.

Crypto.com entity announced it received preliminary approval for a Virtual Assets Service Provider (VASP) license from the regulatory authorities in the city state, pending operational clearance, according to the company’s statement.

Upon final approval, the VASP license will empower Crypto.com to extend a range of services to both retail and institutional investors in the market. These services include exchange services, broker-dealer services, investment services, as well as lending and borrowing services, according to the official statement.

The Virtual Assets Regulatory Authority (VARA) in Dubai, established in March 2022, aims to regulate the emerging virtual asset sector in the emirate as part of the broader initiative to position Dubai as a global hub for the industry and diversify its economic landscape.

Kris Marszalek, CEO of Crypto.com, emphasized Dubai’s role as a frontrunner in crafting effective regulations for the crypto space while fostering adoption and innovation. 

With a customer base exceeding 80 million globally, Crypto.com designated Dubai as its regional hub for the Middle East and North Africa in March 2022, aligning with the growing trend of major industry players converging on the Gulf city.