Cryptocurrency exchange Crypto.com has received approval from the Virtual Assets Regulatory Authority (VARA) to operate in Dubai. With this new status, Crypto.com will be able to take advantage of one of the most open crypto markets in the world thanks to the decisive action of Dubai’s Virtual Assets Regulatory Authority (VARA).
Crypto.com now legal in Dubai
The United Arab Emirates continues to attract crypto investors. After receiving initial provisional approval in June 2022, cryptocurrency exchange Crypto.com announced on March 20 that it has been granted the Minimal Viable Product (MVP) preparatory license by the Virtual Assets Regulatory Authority (VARA). This license allows Crypto.com to implement its activities in Dubai. Crypto.com will face competition from Binance, which had already received this license in September 2022.
The granting of the MVP preparatory license to Crypto.com came after a lengthy compliance verification process. The exchange underwent a detailed and thorough review of its key personnel, governance procedures and anti-money laundering and anti-terrorist financing measures beforehand. The exchange also had to prove that it is fully compliant with Know Your Customer (KYC) policies.
Obtaining the MVP preparatory license is a crucial step for the crypto industry and Crypto.com. At least that’s what Kris Marszalek, CEO of Crypto.com, thinks. The company plans to move very quickly into the field to facilitate full and secure access to cryptocurrencies.
This achievement is the next crucial step for Crypto.com in a market that is incredibly crucial to our company and our industry. With the MVP preparatory license, we look forward to continuing to work with regulators to provide customers with the most comprehensive and secure crypto experience.Kris Marszalek, CEO of Crypto.com
VARA, spearheading the crypto boom in Dubai
Crypto.com’s achievement of the MVP preparatory license would never have been possible without Dubai’s Virtual Assets Regulatory Authority (VARA). Established in March 2022 under Dubai’s Virtual Assets Regulatory Law, VARA has been steadily evolving the regulatory environment and business climate for the crypto industry.
One of the biggest and most recent achievements of the Digital Assets Regulatory Authority is the establishment of a comprehensive and clear regulatory framework for the crypto industry in Dubai. The new guidelines put in place by VARA are likely to boost the crypto industry in Dubai and encourage many companies to set up shop here as virtual asset service providers.
The emirate of Dubai is not alone in promoting a pro-crypto business climate. Virtually the entire United Arab Emirates is on the move. In early March, authorities in the Emirate of Ras Al Khaimah announced the launch of a free zone for crypto companies. Titled RAK Digital Assets Oasis, this free zone will allow crypto companies to take advantage of preferential regulatory and economic frameworks.
With clear and comprehensive regulation of the crypto industry, Dubai continues to attract crucial industry players. The emirate is thus slowly consolidating its status as a global crypto hub. Several countries would benefit greatly from emulating Dubai.
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.