Crypto.com Gets Provisional Approval from Dubai Regulatory Authorities
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On Friday, Crypto.com, a major cryptocurrency exchange, announced that it received a provisional approval for its Virtual Asset MVP License from the Dubai Virtual Assets Regulatory Authority (VARA). According to the press release, in the near future, the firm will be issued a license under this specialized program as soon as all mandated requirements are met.
“The United Arab Emirates is focused on developing a world-leading environment for innovative technology and collaboration, and we believe the cryptocurrencies, virtual assets and blockchain will revolutionize the financial services sector. 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,” H.E. Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade of the UAE, commented.
In March 2022, VARA began overseeing virtual assets in Dubai, regulating cryptocurrency exchanges and service providers, and monitoring transactions to ensure the highest standards of consumer protection. Crypto.com’s assurance of compliance was outlined in the documentation that led to the Provisional License being granted.
Following further due diligence and the final issuance of the Virtual Asset MVP license by VARA, the company will offer additional products and services to both institutional investors and qualified consumers.
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