middle east 703 crypto positive
Crypto.com, a leading cryptocurrency exchange, has been granted a Virtual Assets Service Provider (VASP) license by Dubai’s Virtual Assets Regulatory Authority (VARA). This license allows Crypto.com to offer a range of services, including exchange, brokerage, asset management, investment, and lending, to both retail and institutional clients. The company expressed its gratitude for being one of the first crypto exchanges to receive this license and praised Dubai for its effective crypto regulation and support for innovation.Crypto.com had previously obtained an MVP Provisional license in June 2022 and an MVP Preparatory license in March 2023. The company announced Dubai as its headquarters for the Middle East and Africa last year. However, before commencing VASP activities in Dubai, Crypto.com still needs to fulfill certain licensing conditions and obtain operational approval.This VASP license marks a significant milestone in Crypto.com’s expansion in the Middle East and demonstrates its commitment to complying with Dubai’s regulatory framework for virtual assets. The company aims to be among the first exchanges to operationalize its VASP license, taking advantage of Dubai’s reputation as a crypto-friendly jurisdiction.Dubai’s new crypto regulations, introduced in February, have paved the way for virtual asset firms to obtain VASP licenses. Recently, the crypto wallet Backpack, led by former FTX general counsel Can Sun and ex-Alameda Research developer Armani Ferrante, also received a VASP license, enabling the launch of Backpack Exchange.Crypto.com’s plans for a Middle East hub align with other crypto exchanges, such as Bybit, Binance, Kraken, and FTX Europe, which have also secured regulatory approval to establish a presence in Dubai. This highlights Dubai’s growing importance as a global hub for the cryptocurrency industry.In conclusion, Crypto.com’s acquisition of a VASP license from Dubai’s VARA allows the exchange to offer a wide range of services to clients in the Middle East and beyond. The company’s commitment to compliance and its strategic decision to establish a presence in Dubai reflect the growing interest and opportunities in the region’s crypto market.

This News Article was automatically generated by Bob the Bot (AI)

Information Details
Geography Middle East
Countries 🇦🇪
Sentiment positive
Relevance Score 1
People Armani Ferrante, Kris Marszalek, Can Sun
Companies Backpack Exchange, Alameda Research, FTX, Bybit, Crypto.com, FTX Europe, Dubai’s Virtual Assets Regulatory Authority (VARA), Kraken, Binance
Currencies None
Securities None

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