The crypto exchange firm will be issued a full operating license when it fulfills all mandated requirements in the "near term."
On June 2, the Dubai Virtual Assets Regulatory Authority (VARA) provided the Singapore-based cryptocurrency exchange firm Crypto.com approval of its Virtual Asset MVP License. According to the official announcement, this permit will allow the company to offer a complete array of cryptocurrency exchange-related services to eligible consumers and institutional investors.
Back in March, the largest crypto exchange by volume announced that it would establish a new regional office in the UAE, following the passage of recent crypto regulations imposed by the country and the formation of VARA.
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However, as stated by Crypto.com, VARA will grant the crypto exchange firm a full operating license as soon as it meets all specified standards, which is expected to happen in the near future.
Kris Marszalek, co-founder and CEO of Crypto.com, hopes to continue working with regulators "throughout the region" in order to extend its position in the market. He implied:
“We are excited to provide more of our products and services in a market of great importance to our business, and one that is equally committed to regulation and compliance.”
The UAE Minister of State for Foreign Trade Thani Al Zeyoudi stated that one of the country’s primary goals is to build a cutting-edge ecosystem for “innovative technology and collaboration.” Zeyoudi emphasized his belief in cryptocurrencies, digital assets, and blockchain technology which will eventually restructure the financial services sector. He added:
“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.”
Earlier this year, the United Arab Emirates gave the green light to Crypto.com to establish regional headquarters and accelerate the development of digital finance in Dubai.
On another note, back in March, Crypto.com announced that it would finally start offering its services in the United States for select institutional investors. The news came after the crypto exchange firm has been struggling to enter the US market for a long period of time.