Crypto.com Obtains License In Dubai.

Crypto.com Completed the Licensing Process in Singapore in June.

The crypto exchange announced on Tuesday that Crypto.com has obtained a license to conduct specific virtual asset services in Dubai. The license was granted to CRO DAX Middle East FZE, a Dubai-based entity that received preliminary approval for the Minimum Viable Product (MVP) from Dubai's Virtual Assets Regulation Authority (VARA) in March.

Obtaining a full license involves three stages: temporary permission, a preparatory license, and an operational license. While Crypto.com is currently in the third stage of the process, the company will need to meet localization requirements and conditions to commence operations.

The exchange will subsequently obtain operational approval to provide "exchange services, broker-dealer services, management and investment services, and lending and borrowing services." The Singapore-based exchange completed its licensing process in Singapore in June and achieved regulatory successes in the Netherlands, the United Kingdom, France, and Brazil.

However, it faced challenges during the recent banking crisis, including workforce reductions and difficulties in maintaining fiat ramps. Dubai mandated that crypto firms must obtain authorization and relevant licenses to operate starting in February 2023. Laser Digital, the digital asset subsidiary of financial services giant Nomura, recently received operational approval.

Kris Marszalek, CEO of Crypto.com, stated, "Being one of the first crypto exchanges to be granted the Virtual Asset Service Provider License by VARA is an incredible honor and further demonstrates our company's commitment to security and compliance.