Singapore-based cryptocurrency exchange company Crypto.com has received its minimal viable product (MVP) Preparatory License from Dubai’s Virtual Assets Regulatory Authority (VARA).
The MVP Phase in its preparatory stage allows for approved licensees to fulfill all pre-conditions required to undertake MVP market operations within the VARA Regime, Crypto.com said in a statement on Monday.
Once licensed to be operational, Crypto.com will be able to extend its approved suite of duly regulated virtual assets activities spanning a range of crypto exchange services (spot and derivatives), brokerage, margin/leverage trading, and OTC offerings around settlements for institutional investors.
VARA, established in March 2022 under the Dubai Virtual Asset Regulation Law, is the first law of its kind to regulate virtual assets and aims to create an advanced legal framework to protect investors and set international standards for the virtual assets industry to enable responsible business growth in and from the Emirate.
This announcement follows Crypto.com receiving the initial provisional approval from VARA in June 2022.
Crypto.com has received this MVP preparatory license after a detailed review of its key personnel, governance procedures, Anti Money Laundering/Countering the Financing of Terrorism (AML/CFT) capabilities, Know Your Customer (KYC) and Ultimate Beneficial Owner (UBO) policies and procedures, cross-border safety and security measures, and best-in-class compliance practices.
Following the preparatory stage and successful receipt of our operational license, Crypto.com intends to offer a full suite of institutional services in-market in compliance with regulations.
“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,” he added.
Kris Marszalek, Chief Executive Officer of Crypto.com, said that this achievement is the next significant step for Crypto.com in an incredibly important market for its 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,” he added.
Founded in 2016, Crypto.com is trusted by more than 80 million customers worldwide and is the industry leader in regulatory compliance, security and privacy.
Its vision is to make cryptocurrency in Every Wallet.
Crypto.com 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.