Crypto.com obtains license in Dubai to operate crypto exchange services

Crypto.com 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 Crypto.com will be allowed to offer exchange, broker-dealer, investment, lending and borrowing services following operational approval.

“Crypto.com’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 Crypto.com, said in the statement.

Global expansion

In June, Crypto.com 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.