As the final weeks of 2023 approach, it’s fair to say that one of the most dominant trends and drivers of crypto companies’ strategies over the past months can be summed up in a single word: licenses.
In a tight regulatory environment, getting the green light from regulators has been crucial for companies, particularly during the crypto winter.
Some countries have taken a stand by developing a crypto-friendly environment. For example, the United Arab Emirates continues to attract major crypto companies to its shores, with digital assets exchange Crypto.com recently receiving a Virtual Assets Service Provider (VASP) license in Dubai. The license allows Crypto.com’s local business to offer retail and institutional trading, as well as broker-dealer and credit-related services.
Dubai also granted a similar license for institutional crypto custodian Hex Trust. The crypto firm has offices in Hong Kong, Singapore, Vietnam, Dubai, Italy and France.
Traditional players are also seeking crypto licenses. In Germany, Commerzbank has been granted a crypto custody license, according to a Nov. 15 announcement, allegedly becoming the first “full-service” bank in the country to receive the license.
Also, in this week’s regulatory headlines, Bitget dropped plans to obtain a Virtual Asset Trading Platform (VATP) license in Hong Kong, citing business and market-related considerations. As a result, the exchange is winding down its local operations in the coming weeks.
Although licenses are essential for crypto firms to operate, they also
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Author: Ana Paula Pereira
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