Amidst the dynamic landscape of the crypto sphere, Crypto.com has been accorded the privilege of a crypto license in Dubai.
The ongoing licensing process grants Crypto.com’s Dubai entity the authority for exchange, broker-dealer, lending, and borrowing services. Consequently, this grants the entity significant capabilities in the rapidly evolving cryptocurrency landscape.
In a November 14 press release, Crypto.com revealed that, once fully approved by Dubai’s Virtual Assets Regulatory Authority (VARA), its local entity, CRO DAX Middle East FZE, will provide a variety of services.
These include exchange facilities for retail and institutional investors, broker-dealer functions, and lending and borrowing provisions.
Crypto.com’s Dubai Expansion: Pursuing Crypto License and Regulatory Collaboration
Kris Marszalek, CEO of Crypto.com, looks forward to collaborating with regulatory bodies in Dubai. He underscores the city’s standing as a premier market adept at formulating effective regulatory frameworks.
The strategic decision to designate Dubai as the epicenter for Crypto.com’s activities in the Middle East and North Africa was formalized in March 2022.
Following this decision, the company obtained a provisional license from VARA in June 2022. Subsequently, a milestone was the receipt of a Minimal Viable Product (MVP) preparatory license in March of the current year.
Against the backdrop of regulatory actions undertaken by U.S. authorities against crypto entities, Dubai has emerged as a coveted sanctuary for crypto enterprises yearning for legal lucidity.
Dubai’s Crypto-Friendly Landscape: A Magnet for Digital Assets in the Middle East
The jurisdiction’s crypto-friendly environment positions it as an embryonic hub for digital assets in the Middle East. This positioning attracts numerous entities seeking a secure haven in the face of evolving global regulatory landscapes.
Providing insights from Binance Dubai’s General Manager, Alex Chehad underscores the distinctions between regulatory climates.
Unlike the U.S., Dubai and the United Arab Emirates offer a transparent regulatory framework for crypto enterprises to navigate, simplifying the process for major corporations like Binance to establish enduring headquarters in the region.