Crypto.com Obtains Digital Asset License in Dubai

By: Eva Baxter

Crypto.com, a prominent crypto exchange, has marked another notable achievement by gaining a Virtual Assets Service Provider (VASP) license in Dubai. This license, subject to operational approval, will permit the company's Dubai unit to provide various services, including exchange, broker-dealer, and lending and borrowing services.

The new development follows the company's earlier efforts in establishing itself in the Middle East and North Africa region, indicating Dubai as its hub. Recognized for its regulatory clarity, Dubai has increasingly become a destination for crypto businesses globally.

This development is expected to bolster the growth of Dubai's crypto industry and position it as a leading market for effective regulation. Crypto.com's CEO, Kris Marszalek, expressed excitement at this new development and promised to work closely with regulators to contribute to Dubai's burgeoning crypto sector.

Previously, the firm received a provisional license in June 2022, followed by a minimal viable product (MVP) preparatory license in March this year. This new license is seen as step forward in the company's ambition to cement its presence in the UAE.