Crypto.com Gets Closer to an Operational License in Dubai
Singapore-based crypto platform Crypto.com has received its minimal viable product (MVP) Preparatory License from Dubai’s Virtual Assets Regulatory Authority (VARA), the firm announced on Monday.
The MVP license involves a three-stage process of a provisional permit, a preparatory license and an operating license. Crypto.com is in the second stage of the process.
"Once licensed to be operational, Crypto.com will be able to extend its approved suite of duly regulated virtual assets activities spanning a range of crypto exchange services (spot and derivatives), brokerage, margin/leverage trading, and OTC offerings around settlements for institutional investors," the announcement said.
Dubai recently unveiled its crypto regulatory framework which requires all crypto-related entities to seek relevant authorization and licenses, accompanied by four compulsory rulebooks for service providers and seven activity-based rulebooks.
Read More: Dubai’s Crypto Industry Welcomes New Licensing Regime Amid Global Regulatory Uncertainty
“We are pleased to welcome Crypto.com to the MVP Programme preparatory phase,” said Henson Orser, Chief Executive Officer of VARA. "As such, participation from credible players like Crypto.com will further our mission of delivering a progressive and future-focused regulatory framework.”
The past few months have seen Crypto.com go from the highs of successful approvals to operate in France and Brazil to a banned advertisement in the U.K., workforce cuts and difficulty maintaining fiat on-ramps during the current banking crisis.