Cryptocurrency exchange Crypto.com obtains its MVP Preparatory License from Dubai’s Virtual Assets Regulatory Authority (VARA).
According to the announcement, “the MVP Phase in its preparatory stage allows for approved licensees to fulfill all pre-conditions required to undertake MVP market operations within the VARA Regime.”
The exchange will also be able to operate spot and derivatives offerings, once it obtains the operational license. Dubai’s VARA provided the initial provisional approval to Crypto.com in June 2022.
Crypto.com will also be able to conduct virtual asset activities that include brokerage, margin/leverage trading, and OTC offerings for institutional investor settlements, in compliance with the regulations.
After a thorough examination of its key employees, governance practices, anti-money laundering/countering the financing of terrorism (AML/CFT) capabilities, Know Your Customer (KYC), etc., Crypto.com was granted this MVP preparatory license.
Kris Marszalek, CEO of Crypto.com, stated: “This achievement is the next significant step for Crypto.com in an incredibly important market for our business and industry. With the MVP preparatory license, we look forward to continuing to work with regulators in providing customers the most comprehensive and secure crypto experience.”
“We are pleased to welcome Crypto.com to the MVP Programme preparatory phase. VARA’s regulatory framework will be instrumental in creating and managing a unique, resilient, and securely future-proofed ecosystem that delivers a sustainable and thriving global best-in-class VA market with secure cross-border interoperability,” noted Henson Orser, Chief Executive Officer of VARA.
Crypto.com is gearing up for a large-scale expansion with all its acquisitions and licenses. Last August, Crypto.com secured the FCA license to operate in the UK. Crypto.com has also gained a regulatory license in South Korea after securing two local companies.
Also Read: Binance Secures Foothold in Mid-East with VA License From Dubai
