Crypto.com has successfully secured a Virtual Assets Service Provider (VASP) license in Dubai, marking a significant milestone for the company. The license, granted by Dubai’s Virtual Assets Regulatory Authority (VARA), has been awarded to Crypto.com’s Dubai entity, CRO DAX Middle East FZE. With this regulatory approval, Crypto.com is poised to offer a range of crypto activities, including exchange, broker-dealer, investment, lending, and borrowing services, subject to fulfilling specific conditions and localisation requirements outlined by VARA.
In a statement, Crypto.com highlighted the strategic importance of the license, emphasizing its commitment to expanding its industry-leading products to customers in permissible jurisdictions from its Dubai base. The company expressed enthusiasm about contributing to the flourishing crypto ecosystem by collaborating with regulators.
Kris Marszalek, CEO of Crypto.com, expressed excitement about showcasing more of their innovative products to customers in Dubai and affirmed the company’s commitment to working closely with regulators. The license is seen as a testament to Crypto.com’s dedication to compliance and its vision for a robust and regulated crypto market.
This licensing achievement follows Crypto.com’s earlier success in obtaining a Major Payment Institution license for Digital Payment Token (DPT) services in Singapore in June. The company had received in-principle approval a year prior to obtaining the license. Additionally, Crypto.com secured registration with the central bank of the Netherlands in July, further expanding its regulatory footprint.
The move to acquire a VASP license in Dubai aligns with the broader trend of cryptocurrency firms seeking regulatory approvals to operate in various jurisdictions. The announcement comes at a time when the regulatory landscape for digital assets is evolving, and Crypto.com aims to position itself as a responsible and compliant player in the global crypto market.