Crypto.com Moves Closer to an Operational License in Dubai

Singapore-based crypto platform Crypto.com has received its minimal viable product (MVP) preparatory license from Dubai’s Virtual Assets Regulatory Authority (VARA), the firm announced on Monday.

Obtaining license involves three stages, including getting a provisional permit, a preparatory license and an operating license. Crypto.com is in the second stage of the process.

"Once licensed to be operational, Crypto.com will be able to extend its approved suite of duly regulated virtual assets activities spanning a range of crypto exchange services (spot and derivatives), brokerage, margin/leverage trading and OTC (over-the-counter) offerings around settlements for institutional investors," the announcement said.

“We are pleased to welcome Crypto.com to the MVP Programme preparatory phase,” VARA CEO Henson Orser said in the statement. "As such, participation from credible players like Crypto.com will further our mission of delivering a progressive and future-focused regulatory framework.”

Dubai recently unveiled its crypto regulatory framework that included a set of rules for all crypto companies and required the companies to get a licenses in order to operate in the country legally.

The past few months have seen Crypto.com go from the highs of successful approvals to operate in France and Brazil to a banned advertisement in the U.K., workforce cuts and difficulty maintaining fiat on-ramps during the current banking crisis.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.