Crypto.com Received Approval From The Dubai Virtual Assets Regulation Authority To Expand Its Crypto Portfolio

Key Points:

• Crypto.com has been obtained the MVP preparatory license by the Dubai Virtual Assets Regulatory Authority (VARA).
• In order to establish and manage a differentiated, strong, and secure future-proof ecosystem that provides a dynamic global best-in-class VA market with safe cross-border interoperability, the regulatory framework that VARA provides will be essential. This framework will also be vital.

This announcement comes after Crypto.com received preliminary permission from VARA in June 2022.

According to the official site, Crypto.com announced on March 20 that it has secured the MVP preliminary license from the Dubai Virtual Assets Regulation Authority (VARA). The MVP phase of the preparation phase permits authorized licensees to complete all of the requirements for operating in the MVP market under the VARA regime. 

Once licensed, Crypto.com will be able to extend its permitted portfolio of suitably regulated virtual asset operations to include crypto trading services (spot and derivatives), brokerage, margin/leveraged trading, and services centered on institutional investors. OTC transactions that have been cleared.

Today, Crypto.com, the leader in the industry in regulatory compliance, security, and privacy, announced that it has obtained the MVP Phase in its preliminary stage. This allows approved licensees to meet all pre-conditions that are necessary to conduct MVP market activities within the VARA Regime. Crypto.com is the industry leader in regulatory compliance, security, and privacy.

The Dubai Virtual Assets Regulatory Authority [VARA] is the world’s first specialized regulator for the Virtual Assets industry. VARA, which was established in March 2022 as a result of the implementation of Law No.4 of 2022, is the competent entity in charge of regulating, supervising, and overseeing VAs and VA Activities throughout the Emirate of Dubai, including Special Development Zones and Free Zones but excluding the Dubai International Financial Centre. 

VARA is important to the development of Dubai’s sophisticated legal framework for investor protection and the establishment of worldwide standards for Virtual Asset industry regulation, all while supporting the goal of a borderless economy.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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