obtains license in Dubai to operate crypto exchange services

Quick Take

  • will be allowed to offer crypto exchange and broker-dealer services following operational approval, the company said. has obtained a Virtual Assets Service Provider license in Dubai to operate specific crypto activities.

The company said in a statement that its Dubai entity, CRO DAX Middle East FZE, received the license from Dubai’s Virtual Assets Regulatory Authority, and that will be allowed to offer exchange, broker-dealer, investment, lending and borrowing services following operational approval.

“’s VASP Licence is subject to the Company fully satisfying select conditions and localisation requirements defined by VARA, and will be able to commence operations thereafter subject to operational approval notice from the regulator,” the company said.

“We are excited to showcase more of our industry-leading products to customers across permissible jurisdictions from Dubai, and look forward to working with regulators contributing to this thriving ecosystem,” Kris Marszalek, CEO of, said in the statement.


Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

Global expansion

In June, obtained a Major Payment Institution license for Digital Payment Token (DPT) services in Singapore, a year after it received its in-principle approval. The exchange has also secured registration in July with the central bank of the Netherlands to provide crypto services.

Nomura’s crypto arm Laser Digital also said in August that it had completed the final stage of VARA’s licensing process and received a full license in Dubai. That allows the firm to provide crypto broker-dealer and asset management services from its Dubai entity.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Timmy Shen is an Asia reporter for The Block. Previously, he wrote about crypto and Web3 for Forkast.News from Taiwan after spending more than three years in Beijing covering finance and current affairs at Caixin Global and Chinese tech at TechNode. His China-related reporting has also appeared in The Guardian. When he's not chasing headlines, you'll find him savoring hot pot and shabu shabu in a Taipei local haunt. Timmy holds an MS degree from Columbia University Graduate School of Journalism. Send tips to [email protected] or get in touch on X/Telegram @timmyhmshen.


To contact the editor of this story:
Ryan Weeks at
[email protected]