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Cryptocurrency exchange Crypto.com announced that its Dubai entity, CRO DAX Middle East FZE, obtained a Virtual Asset Service Provider (VASP) License from Dubai’s Virtual Asset Regulatory Authority (VARA). 

Crypto.com announced its Dubai entity, CRO DAX Middle East FZE, was granted a VASP License for “specified virtual asset service activities” by Dubai’s Virtual Asset Regulatory Authority. The Singapore-based exchanges’ license is subject to Crypto.com’s compliance with certain conditions and localizations defined by VARA.

The exchange’s Dubai entity may commence operations if it satisfies VARA’s requirements and will be subject to operational approval notice from the regulator afterwards. 

https://t.co/vCNztATkNg is proud to announce that we have been granted a Virtual Asset Service Provider Licence pending operational approval from Dubai’s Virtual Assets Regulatory Authority, building on our position in the #UAE market.

Learn more:https://t.co/0anXDLsxTv pic.twitter.com/SgcqSTSqux

— Crypto.com (@cryptocom) November 14, 2023

Crypto.com Services Available to Retail and Institutional Users After Operational Approval

Suppose Crypto.com complies with VARA’s terms and receives operational approval. In that case, its VASP license will allow it to offer certain regulated virtual asset services such as exchange services, broker-dealer services, management and investment services and lending and borrowing services. 

In February, VARA

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Author: Jana Serfontein

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