Crypto.com, a cryptocurrency exchange founded in 2016 and operating in over 90 countries worldwide, has recently made a major advancement in Dubai by obtaining a Minimal Viable Product (MVP) Preparatory License from Dubai’s Virtual Asset Regulatory Authority (VARA). This is an important step for the company to offer its full range of services such as OTC offerings, brokerage, exchange services, and margin/leverage trading in the region. After securing the preparatory license in June 2022, Crypto.com joins Binance, the only other company to have obtained a similar license up to now.

VARA is responsible for developing a regulation framework for virtual asset service providers to better operate within Dubai. In order to receive a preparatory license, Crypto.com had to go through a few stages and meet VARA’s criteria relating to international standards and operational compliance. These include the commitment to secure the future of virtual assets, build the best virtual asset market globally, and provide a seamless cross-border experience for customers.

Kris Marszalek, Chief Executive Officer of Crypto.com stated that this was a significant step for the company and that Dubai is an important market for both Crypto.com and the industry. He also added that the company is looking forward to working with the regulators to provide the best experience to their customers.

Dubai recently launched the Dubai Blockchain Strategy and Dubai Metaverse Plan, which are aimed at turning the Emirate into one of the top 10 metaverse economies and establishing it as a global center for the crypto sector.

Henson Orser, Chief Executive Officer of VARA, welcomed Crypto.com to the MVP Programme Preparatory Phase, emphasizing his belief that the company will help VARA advance its mission. He also expressed his satisfaction with having Crypto.com as a credible player among the providers.

Crypto.com currently offers over 90 cryptocurrencies listed on its platform, with no deposit fee. However, the minimum deposit could vary based on currencies and the countries in which it operates.

With Crypto.com’s successful leap in Dubai, a number of crypto ventures are looking to enter the market, aiming to secure similar licenses and opportunities. Binance and Crypto.com are closer to becoming fully operational, while others are still making advancements in attaining the same level. With the advances in the sector, the cryptocurrency industry is slowly spreading into the wider public in Dubai and becoming consolidated in the field.



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