The license has been granted to its Dubai entity, CRO DAX Middle East FZE, which received a minimal viable product (MVP) preparatory approval from Dubai’s Virtual Assets Regulatory Authority (VARA) in March.
Receiving a full license involves three stages: a provisional permit, a preparatory license and an operating license. Crypto.com is now in the third stage of the process, but the company will need to satisfy localization requirements and conditions to commence operations.
The Singapore-based exchange completed its licensing process in Singapore in June and has had regulatory victories in the Netherlands, U.K., France and Brazil. However, it has also suffered workforce cuts and difficulty maintaining fiat on-ramps during the recent banking crisis.
Dubai mandated crypto firms to obtain authorization and relevant licenses to operate in Feb. 2023. Laser Digital, the digital asset asset subsidiary of financial services giant Nomura, recently received an operating permit.
This is a major shift, and positive advancement for Crypto.com, and we look forward to seeing what comes with this.
Onwards for the exchange, Onwards for the sector!
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