Crypto.com has announced its plans to extend its services in Dubai after receiving its preparatory license from the city’s Virtual Assets Regulatory Authority (VARA).
“The [Minimal Viable Product (MVP)] phase allows for approved licensees to fulfil all pre-conditions required to undertake MVP market operations within the VARA regime”, read a statement from the firm.
Once Crypto.com is licensed as fully operational, the Singapore-based exchange will be able to “extend its approved suite of duly regulated virtual assets activities spanning a range of crypto exchange services (spot and derivatives), brokerage, margin/leverage trading, and over-the-counter offerings around settlements for institutional investors.”
To receive a full license to operate under VARA’s oversight, a company must obtain a provisional permit, a preparatory license and an operating license.
Since Crypto.com received its initial provincial approval from VARA in June, the firm is in the second stage of the licensing process.
In September 2022, crypto exchange Binance was given its MVP license by VARA to operate in the Middle eastern city.
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