In a significant stride towards fostering its position as a global hub for the virtual asset sector, Dubai’s regulatory authority has granted a provisional license to Crypto.com’s Dubai entity, CRO DAX Middle East FZE. According to a Reuters report, this milestone, subject to operational approval, is poised to empower Crypto.com to offer an array of services, spanning crypto exchange, broker-dealer, investment, and lending and borrowing services, to both retail and institutional investors.
Crypto.com Receives Provisional License In Dubai
Crypto.com’s Dubai entity, CRO DAX Middle East FZE, has achieved a significant regulatory milestone as it received a provisional license from Dubai’s Virtual Assets Regulatory Authority (VARA). Meanwhile, pending operational approval, this Virtual Assets Service Provider (VASP) license will enable Crypto.com to introduce a comprehensive suite of services to both retail and institutional investors in the market.
Notably, the regulatory nod comes as Dubai endeavors to establish itself as a leading global hub for the virtual asset sector, excluding the Dubai International Financial Centre.
Meanwhile, CEO Kris Marszalek, discussing the update, conveyed confidence in Dubai’s regulatory framework. He emphasized Dubai’s role as a leading market in crafting effective regulations for the cryptocurrency space, all while encouraging adoption and fostering innovation.
With more than 80 million global customers, Crypto.com designated Dubai as its regional hub for the Middle East and North Africa earlier in 2022, aligning with the growing trend of major industry players choosing the Gulf city-state.
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Dubai’s Transformation into a Virtual Asset Powerhouse
With the granting of this provisional license, Crypto.com is set to leverage Dubai as its regional hub for the Middle East and North Africa, tapping into the burgeoning virtual asset sector. The license, once operational, will empower Crypto.com to extend a range of services, catering to the diverse needs of both retail and institutional investors.
According to market watchers, this strategic move aligns with Dubai’s ambitions to pioneer effective regulation in the crypto space while nurturing an environment conducive to adoption and innovation. Notably, the Gulf city state is emerging as a key player in the global virtual asset landscape, attracting major industry stakeholders keen on participating in its economic diversification journey.
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