Crypto.com Obtains Crypto License From Dubai’s Regulator

Crypto.com has been granted a license to operate specified virtual asset service activities in Dubai, as announced by the crypto exchange on Tuesday.

Its Dubai entity, CRO DAX Middle East FZE, has received a minimal viable product (MVP) preparatory approval from Dubai’s Virtual Assets Regulatory Authority (VARA) in March.

The licensing process involves three stages: a provisional permit, a preparatory license, and an operating license.

Currently, Crypto.com is in the third and final stage of the process but is required to meet localization requirements and conditions before it can commence operations.

Once it satisfies these requirements, the exchange will receive operational approval to offer a range of services such as exchange, broker-dealer, management and investment, and lending and borrowing services.

In June, the exchange completed its licensing process in Singapore and has also achieved regulatory success in the Netherlands, UK, France, and Brazil.