Dubai Grants Provisional Approval to Crypto.com to Provide Crypto Services
VARA, Dubai’s watchdog, has given the green light to Crypto.com’s plans to make cryptocurrency products and services available to local investors.
Crypto.com has received preliminary license from Dubai’s regulators to provide a full range of cryptocurrency products and services in the city, continuing its global expansion. It will acquire its operating license in the near future once it has completed all of its essential prerequisites.
The Dubai Virtual Assets Regulatory Authority (VARA) has given Crypto.com provisional permission to operate in the United Arab Emirates’ most populated city.
The agency, which was established earlier this year, monitors the local digital asset market, controls platform operations, and supervises transactions to ensure optimum investor safety.
Crypto.com’s approval was based on the fact that the exchange has completed all essential compliance inspections, according to VARA. As a result, it will be able to sell its products and services to Dubai residents while being closely monitored by the regulator.
Minister of State for Foreign Trade Thani Al Zeyoudi stated the UAE’s constructive attitude toward blockchain technology and cryptocurrencies:
“Through our Virtual Asset Regulatory Authority and other important initiatives, we are attracting companies to the UAE to build on this vision and enable technologies of the future to flourish here,”
The local crypto sector is “pleased” to welcome Crypto.com into its growing family, according to Helal Saeed Almarri, Director General of Dubai World Trade Centre Authority. He envisioned the platform becoming “one of the sector’s anchors.”
According to CryptoCom’s Co-Founder and CEO, Kris Marszalek, Dubai is a market of “great importance,” and the exchange is thrilled to expand its presence there.
In the last few months, the trading platform has been in the news several times. It signed a deal with Formula 1 to become the tournament’s Global Partner and Inaugural Partner in the summer of 2021.
It signed a $700 million deal with the legendary Staples Center in November. As a result, the Los Angeles Lakers’ home arena was renamed Crypto.com Arena.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews