Crypto. com announced today that its Dubai entity, CRO DAX Middle East FZE, has been granted a Virtual Assets Service Provider (VASP) Licence for specified virtual asset service activities by Dubai’s Virtual Assets Regulatory Authority (VARA).
The Virtual Assets Regulatory Authority (VARA) was established in Dubai in March 2022.
Upon final approval, the VASP license will empower Crypto.com to extend a range of services to both retail and institutional investors in the market. These services include exchange services, broker-dealer services, investment services, as well as lending and borrowing services, according to a company statement.
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Following operational approval, the VASP Licence will allow Crypto.com to offer regulated virtual asset service activities, including exchange services, broker-dealer services, management and investment services, and lending and borrowing services. These services will be available to retail and institutional users in-market via the Crypto.com App and Exchange.
With a customer base exceeding 80 million globally, Crypto.com designated Dubai as its regional hub for the Middle East and North Africa in March 2022, aligning with the growing trend of major industry players converging on the Gulf city.