Crypto.com’s Dubai Entity Granted VASP License
Crypto.com’s Dubai entity, CRO DAX Middle East FZE, has been granted a Virtual Assets Service Provider (VASP) license by Dubai’s regulator, pending operational approval. The license will enable the entity to offer exchange, broker-dealer, and lending and borrowing services to both retail and institutional investors.
Regulatory Collaboration in Dubai
Crypto.com CEO Kris Marszalek expressed anticipation for collaborating with regulators in Dubai to contribute to the city’s crypto industry. He emphasized Dubai as a leading market in designing effective regulations, highlighting the company’s commitment to operating within regulatory frameworks.
Dubai as Crypto-Friendly Destination
Dubai has emerged as a sought-after destination for crypto businesses seeking legal clarity, especially amid regulatory actions against crypto firms in the United States. The regulatory framework in Dubai and the United Arab Emirates provides clarity, making it an attractive location for establishing permanent headquarters.
Crypto.com’s Presence in Dubai
Crypto.com designated Dubai as its Middle East and North Africa hub in March 2022. The company received a provisional license from Dubai’s Virtual Assets Regulatory Authority (VARA) in June 2022, followed by a minimal viable product (MVP) preparatory license in March of the following year.