Crypto.com, the global cryptocurrency platform, has received a Virtual Assets Service Provider (VASP) Licence for specific virtual asset services from Dubai’s Virtual Assets Regulatory Authority (VARA). This milestone underscores the company’s commitment to regulatory compliance and cross-border risk assurance.
Upon satisfying VARA’s defined conditions and localisation requirements, Crypto.com will commence operations following an operational approval notice from the regulator. The VASP Licence enables Crypto.com to provide regulated virtual asset services, including exchange, broker-dealer, management, investment, lending, and borrowing services. These offerings will be accessible to both retail and institutional users through the Crypto.com App and Crypto.com Exchange.
Crypto.com is actively working to be among the first virtual asset exchanges to operationalise its VASP Licence since VARA introduced specialised regulations for virtual assets in February 2023. This move aligns with the company’s dedication to compliance with VARA’s robust regulatory framework. The achievement follows the issuance of MVP Provisional Licence in June 2022 and MVP Preparatory Licence in March 2023. Additionally, Dubai was declared as Crypto.com’s regional hub for the Middle East and Africa in March 2022.
Kris Marszalek, CEO of Crypto.com, expressed his honour in being one of the first crypto exchanges to receive a VASP Licence from VARA. He emphasised the company’s unwavering commitment to security and compliance. Marszalek commended Dubai’s role as a leading market in designing effective regulations for the crypto space, supporting adoption and innovation. He anticipates showcasing industry-leading products to customers across permissible jurisdictions from Dubai and looks forward to collaborating with regulators in contributing to the thriving ecosystem.
Established in March 2022, VARA regulates virtual assets and activities across Dubai, including Special Development Zones and Free Zones. It excludes the Dubai International Financial Centre. VARA plays a pivotal role in creating an advanced legal framework, ensuring investor protection, and setting international standards for the governance of the virtual asset industry. The authority aligns with the vision for a borderless economy.
This development marks a significant step forward for Crypto.com and the broader cryptocurrency industry, positioning Dubai as a hub for compliant and regulated virtual asset services.