Crypto.com receives MVP Preparatory License from Dubai’s Virtual Assets Regulatory Authority
Dubai-based Crypto.com, a leading cryptocurrency platform with over 80 million customers worldwide, has received its MVP Preparatory License from the Dubai Virtual Assets Regulatory Authority (VARA), according to a recent announcement. This move means that the company will now be able to conduct MVP market operations within the VARA Regime.
VARA is the world’s first specialized regulator for the virtual assets sector, established in March 2022 following the enactment of Law No.4 of 2022. It is responsible for regulating, supervising, and overseeing virtual assets and virtual asset activities across all zones in the Emirate of Dubai, with the aim of creating an advanced legal framework to protect investors and establish international standards for the virtual asset industry.
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. 🇦🇪
Learn more:https://t.co/ApmdXpUBI3 pic.twitter.com/iwYCznyYXQ
— Crypto.com (@cryptocom) March 20, 2023
Crypto.com’s MVP preparatory license follows the company’s provisional approval from VARA in June 2022. The company underwent a detailed review of its key personnel, governance procedures, anti-money laundering/countering the financing of terrorism capabilities, Know Your Customer policies and procedures, cross-border safety and security measures, and compliance practices, among others, to ensure it meets VARA’s requirements.
Once licensed to operate, Crypto.com will offer a range of duly regulated virtual assets activities, including crypto exchange services (spot and derivatives), brokerage, margin/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, 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”.
Kris Marszalek, CEO of Crypto.com, said, “This achievement is the next significant step for Crypto.com in an incredibly important market for our business and industry. With the MVP preparatory license, we look forward to continuing to work with regulators in providing customers the most comprehensive and secure crypto experience.”
Crypto.com was founded in 2016 and is committed to accelerating the adoption of cryptocurrency through innovation and empowering the next generation of builders, creators, and entrepreneurs to develop a fairer and more equitable digital ecosystem.
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