Crypto.com Secures Dubai’s MVP Preparatory License from Virtual Assets Regulatory Authority
In Brief
Crypto.com, was granted its MVP Preparatory License from Dubai’s Virtual Assets Regulatory Authority (VARA).
VARA, the Dubai Virtual Assets Regulatory Authority, is the first regulator of its kind to specialize in regulating the Virtual Assets sector.
Crypto.com, was granted its MVP Preparatory License from Dubai’s Virtual Assets Regulatory Authority (VARA). This approval allows Crypto.com to fulfill the prerequisites for commencing MVP market operations within the VARA Regime. Once licensed to operate, Crypto.com can provide regulated virtual assets activities, such as spot and derivatives exchange services, brokerage, margin/leverage trading, and OTC settlements for institutional investors.
Crypto.com experienced some turbulence and huge amounts of withdrawals after the FTX collapse, and after the company’s CEO admitted the exchange mishandled a roughly $400 million transaction. It seems like the situation has stabilized, and the company continues to advance its Web3 plans with the Cronos Allecerator announcement, to attract more projects to their EVM-compatible Cronos chain.
In March 2022, the Dubai Virtual Asset Regulation Law brought into effect VARA, the first law of its type to govern virtual assets. This framework was established to secure investors and facilitate the development of responsible virtual assets businesses in and from the Emirate, following international standards.
Back in June 2022, Crypto.com acquired provisional approval from the VARA. After a thorough review of their staff, governance protocols, AML/CFT and KYC/UBO policies, cross-border security, and compliance standards, they were granted this MVP preparatory license. Once the preparatory stage is completed and the operational license is obtained, Crypto.com plans to offer a full range of institutional services in full compliance with regulations.
Henson Orser, VARA’s Chief Executive Officer, expressed his satisfaction at Crypto.com joining the MVP Programme preparatory phase. He went on to explain that VARA’s regulatory approach will be beneficial in forming a robust and resilient ecosystem that will provide a superior virtual asset market with secure international operations. He concluded that the inclusion of reputable companies such as Crypto.com would advance their mission of establishing a progressive, forward-thinking regulatory framework.
Kris Marszalek, CEO of Crypto.com, declared that this accomplishment is a crucial milestone for Crypto.com in a crucial marketplace for their business and the sector. He went on to say that with the MVP preparatory license, they eagerly anticipate continuing to collaborate with regulators to deliver customers the most complete and protected crypto experience.
About Crypto.com
Crypto.com is a platform that enables users to buy, sell, and pay with crypto. It is a one-stop shop for all things cryptocurrency related. The company provides a range of services, from a cryptocurrency exchange to a payment gateway. Crypto.com also provides a wallet, allowing users to store their digital currencies securely. The platform is committed to making cryptocurrencies more accessible and user-friendly for everyone.
Established in 2016, Crypto.com is a highly trusted brand with more than 80 million customers globally and is at the forefront of regulatory compliance, security, and privacy.
An Overview of VARA
VARA, the Dubai Virtual Assets Regulatory Authority, is the first regulator of its kind to specialize in regulating the Virtual Assets sector. Following the implementation of Law No.4 of 2022 in March 2022, VARA is responsible for overseeing VAs and VA Activities in all areas of Dubai, excluding the Dubai International Financial Centre. VARA’s role is to construct a cutting-edge legal framework to protect investors, set up international standards for Virtual Asset industry governance, and fulfill the aspiration of a borderless economy.
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