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<p>CRO DAX Middle East, the Dubai-based subsidiary of Singapore-headquartered cryptocurrency exchange platform Crypto.com, has achieved a significant milestone by obtaining a license from the emirate’s Virtual Assets Regulatory Authority (VARA) to provide specified virtual asset services.</p><h2 id="header-0">Expanding product offering in Dubai</h2><p>The approval, <a href="https://crypto.com/company-news/cryptocom-obtains-full-vasp-licence-from-dubai-vara" rel="noopener noreferrer nofollow">announced</a> by the firm via a press release published to its website on Tuesday, marks a pivotal moment for the Singapore-based Crypto.com, allowing it to offer regulated virtual asset services in Dubai, including exchange services, broker-dealer services, management and investment services as well as lending and borrowing services.</p><p>The virtual assets service provider (VASP) license is contingent upon CRO DAX Middle East meeting specific conditions and localization requirements outlined by VARA. Once these conditions are satisfied and the operational approval notice is received from the regulator, the company will be poised to commence operations. These services will be made accessible to both retail and institutional users through Crypto.com’s app and exchange platform.</p><p>Kris Marszalek, CEO of Crypto.com, expressed his enthusiasm for 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.”</p><h2 id="header-1">Dubai’s virtual asset sector development</h2><p>The regulatory framework for virtual assets in Dubai was established under the Dubai Virtual Asset Regulation Law in March 2022, leading to the creation of VARA. Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, founded VARA with the aim of developing an advanced legal framework to safeguard investors. Furthermore, the objective was to set international standards for the governance of the virtual asset industry, while fostering responsible business growth.</p><p>VARA issued regulations in February to provide clarity and certainty on the expected level of operator responsibility and to mitigate market risks. This move aligns with the broader context of global cryptocurrency regulations, aiming to create a safe environment for investors in the wake of recent collapses of major platforms.</p><p>Crypto.com is working to become one of the first virtual asset exchanges to implement its VASP license in accordance with VARA’s specialized regulations issued earlier this year. The company had previously received its minimum viable product provisional license in June 2022 and the MVP preparatory license in <a href="https://crypto.com/company-news/crypto-com-secures-mvp-preparatory-license-from-dubais-virtual-assets-regulatory-authority" rel="noopener noreferrer nofollow">March</a> of the current year. The operational license, which follows the preparatory and provisional stages, grants virtual asset service providers permission to conduct activities in seven specified categories.</p><h2 id="header-2">Adapting to the market</h2><p>The company has also been working on licensing in other markets. In Singapore, where it is headquartered, the company <a href="https://medium.com/&#64;coinness.gl/crypto-com-scores-mpi-license-in-singapore-e02d1d2c807e" rel="noopener noreferrer nofollow">received</a> a Major Payment Institution (MPI) trading license from the Monetary Authority of Singapore (MAS) in June. The company has also re-calibrated its offering based on market shifts. Earlier this year, it <a href="https://medium.com/&#64;coinness.gl/crypto-com-halts-institutional-exchange-service-in-the-us-9eaf39eda64f" rel="noopener noreferrer nofollow">halted</a> its institutional exchange service in the United States due to a downturn in institutional demand stateside.</p><p>In March 2022, Crypto.com declared Dubai as its regional hub for the Middle East and North Africa (MENA), solidifying its commitment to expanding its presence and contributing to the growth of the cryptocurrency ecosystem in the region.</p>

Crypto.com’s Dubai-based subsidiary secures crypto license

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