Crypto.com has become the latest cryptocurrency exchange to receive a Minimal Viable Product (MVP) Preparatory license from Dubai’s Virtual Asset Regulatory Authority (VARA).
New MVP License for Crypto.com
The new license was received after the exchange obtained provisional approval from the regulator in Dubai last year. In the preparatory stage, the MVP license allows the exchange to fulfil the conditions to operate within the VARA Regime.
Under the new Dubai license, Crypto.com will be allowed to offer spot and derivatives instruments of virtual assets. The offerings can include exchange services, brokerage, margin or leverage trading, and OTC offerings around settlements for institutional investors.
“We are pleased to welcome Crypto.com to the MVP Programme preparatory phase,” said Henson Orser, the Chief Executive Officer of VARA. “VARA’s regulatory framework will be instrumental in creating and managing a unique, resilient, and securely future-proofed ecosystem that delivers a sustainable and thriving global best-in-class VA market with secure cross-border interoperability. As such, participation from credible players like Crypto.com will further our mission of delivering a progressive and future-focused regulatory framework.”
Dubai Becoming a Crypto Hub
VARA was established last March under the Dubai Virtual Asset Regulation Law, aiming to push Dubai into becoming one of the global crypto hubs. The move was successful as several big crypto brands have established their presence in the Middle Eastern city.
Earlier, Binance gained the MVP license as the exchange has been changing its operational strategies and secured several regulatory licenses.
Meanwhile, Crypto.com is strengthening its presence globally. Established in 2016, the exchange now has over 80 million users. The exchange is authorized and licensed in most major markets, including the United Kingdom, France, Italy, and several others. Moreover, it became Brazil’s first crypto exchange to gain a payment institution license.
“[Gaining of MVP Prepatory license] is the next significant step for Crypto.com in an incredibly important market for our business and industry,” said the CEO of Crypto.com, Kris Marszalek. “With the MVP preparatory license, we look forward to continuing to work with regulators in providing customers the most comprehensive and secure crypto experience.”