Crypto.com Obtains Minimal Viable Product License in Dubai

Crypto.com has been granted an MVP preparatory license by Dubai’s Virtual Asset Regulatory Authority (VARA), after receiving provisional approval from the Dubai regulator last year.

This preparatory phase operations license means the exchange is now able to comply with the VARA’s regulations, which dictate that no company can carry out, or appear to, any virtual asset activity within Dubai without authorization and licensing from VARA.

Once it is fully operational, the license will enable Crypto.com to provide virtual asset spot and derivatives instruments, including exchange services, brokerage, margin or leverage trading, and over-the-counter settlements for institutional investors.

VARA was set up in March last year and is responsible for regulating, supervising and overseeing virtual assets and activities across the Emirate of Dubai.