Crypto.com Granted MVP Preparatory License by Dubai’s Virtual Assets Regulatory Authority.

 

Crypto.com, a leading cryptocurrency platform with over 80 million customers worldwide, has announced that it has received an MVP Preparatory License from Dubai’s Virtual Assets Regulatory Authority (VARA). The license will allow Crypto.com to conduct MVP market operations within the VARA Regime, paving the way for future full licensure.

 

VARA was established in March 2022 under the Dubai Virtual Asset Regulation Law and is in charge of regulating virtual assets as well as developing a sophisticated legal framework to protect investors and set international standards for the virtual assets industry. Crypto.com received preliminary approval from VARA in June 2022, and this MVP Preparatory License is the result of a thorough review of its key personnel, governance procedures, AML/CFT capabilities, KYC and UBO policies and procedures, cross-border safety and security measures, and compliance practices.

 

The license will enable Crypto.com to provide a full range of institutional services in accordance with UAE regulations, including cryptocurrency exchange services, brokerage, margin/leverage trading, and OTC offerings for institutional investors. The license is a significant step forward for Crypto.com and the cryptocurrency industry as it demonstrates the company’s commitment to regulatory compliance and expansion into new markets.

 

“As such, participation from credible players like Crypto.com will further our mission of delivering a progressive and future-focused regulatory framework,” said Henson Orser, CEO of VARA.

“With the MVP preparatory license, we look forward to continuing to work with regulators in providing customers with the most comprehensive and secure crypto experience,” said Kris Marszalek, CEO of Crypto.com.

 

The vision of Crypto.com is to accelerate cryptocurrency adoption through innovation while also empowering the next generation of builders, creators, and entrepreneurs to create a fairer and more equitable digital ecosystem. The company is dedicated to providing its customers with the most comprehensive and secure cryptocurrency experience possible, and the MVP Preparatory License is an important step in that direction.

 

The MVP Preparatory License granted to Crypto.com by VARA is a positive development for the company and the wider cryptocurrency industry. The license underscores the importance of regulatory compliance in the cryptocurrency sector and shows that regulators are taking a proactive approach to regulating the sector and providing a framework for legitimate players to operate.