Dubai regulator grants Crypto.com a preliminary license

Crypto.com, the cryptocurrency platform, has received preliminary approval to operate from the Dubai Virtual Asset Regulatory Authority (VARA).

We’re proud to announce our latest milestone in global regulatory compliance and licensure.https://t.co/vCNztATSCO has secured its MVP Preparatory License from the Virtual Asset Regulatory Authority in Dubai. ??

Learn more:https://t.co/ApmdXpUBI3 pic.twitter.com/iwYCznyYXQ

— Crypto.com (@cryptocom) March 20, 2023

According to the press release, the company was granted the license under the MVP program after a thorough review of documentation, staff and KYC/AML procedures.

“[…] we will continue to work with regulators to provide our clients with the most complete and secure experience interacting with digital assets,” said Kris Marshalek, CEO of the crypto exchange.

VARA added that the participation of trusted players contributes to the regulator’s aims of “creating a progressive and forward-looking regulatory framework”.

Earlier, positive decisions were granted to Huobi, OKX, Blockchain.com and Binance.

In February, the head of the latter, urged entrepreneurs to consider relocating to countries with more favorable regulation. Among them he named Dubai, Bahrain and France.

In December 2022 Crypto.com obtained a payments institution license from the Central Bank of Brazil.