Crypto.com gains preparatory license to operate in Dubai

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Updated March 20, 2023 | Published March 20, 2023

2 mins read

The license moves the exchange one step closer to offering a full suite of institutional services in the city.

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.

Looking for your next crypto casino? Check out: Bitcasino or FortuneJack.

Written by Isabella Aslam

Reporter

Isabella is an experienced writer in B2B and B2C journalism. Alongside crypto, Isabella writes and discusses the topics of relationships and psychology. Isabella holds a first-class degree in music journalism and often interviews electronic artists and DJs.
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