Dubai is moving on to become a hub of crypto services one day at a time. The procedure to acquire the final License is definitely stringent; however, ventures are going through with it with the hope that the market will flourish for something better in the global ecosystem.
Crypto.com is the latest in the list to have acquired the Preparatory License from VARA, short for Virtual Asset Regulatory Authority. It is based in Dubai, and the authority has just granted MVP Preparatory license to Crypto.com.
We’re proud to announce our latest milestone in global regulatory compliance and licensure.https://t.co/vCNztATSCO has secured its MVP Preparatory License from the Virtual Asset Regulatory Authority in Dubai. 🇦🇪
— Crypto.com (@cryptocom) March 20, 2023
Crypto.com, founded in 2016, is now trusted by over 80 million users across the world. According to a Crypto.com exchange review, it is the industry leader in terms of security, privacy, and compliance. Furthermore, it confirmed that it had received the MVP Preparatory License from VARA.VARA came into existence last year in March to become the competent authority in terms of the VA market for Dubai.
MVP Preparatory License will be followed by Operational License, something that will allow Crypto.com to launch all its services and products under the regime.
Crypto.com functions with the aim of having crypto in every wallet. It is, therefore, committed to accelerating innovation and empowering the developers of the new generation who are in line with what comes next. Creators and entrepreneurs are more than welcome by Crypto.com to build the future on the network.
Calling this a significant step, Kris Marszalek has said that Dubai is an important market for its business and industry at a macro level. The Chief Executive Officer of Crypto.com is now looking forward to working with regulators with the objective of providing customers with a crypto experience that is not just secure but also comprehensive.
Crypto.com has received a warm welcome from Henson Orser, the Chief Executive Officer of VARA, who has said that VARA is pleased to welcome the venture to the MVP Programme at the preparatory phase. Henson has further assured that the participation from Crypto.com will help VARA in delivering the mission of having a progressive and future-focused framework by the regulatory.
VARA’s framework is stringent, yes – but that is believed to create a future-proofed ecosystem that is unique and resilient for a sustainable global VA market that thrives on being the best in the world. That is the goal which also means that VARA is focusing on cross-border interoperability by working closely with players like Crypto.com.
Crypto.com previously received the initial provisional approval in June 2022. The MVP Preparatory License comes after a thorough review of several elements including, but not limited to:
- Know Your Customer
- Anti-Money Laundering or Countering the Financing of Terrorism
- Ultimate Beneficial Owner
The preparatory phase allows Crypto.com to fulfill all the conditions beforehand that are required to be met during the MVP market operations subject to the jurisdiction of the VARA Regime.
When Crypto.com receives the operational License from VARA, the venture will be able to spread its arms and offer a wide range of VA services like exchange, margin, and brokerage services, to mention a few. VARA aims to create a framework that works best for everyone – ventures, residents, and the regime. Business growth and investor protection have also been duly considered.