The coveted VASP license lets Crypto.com offer a range of services, including exchange, investment, lending and borrowing, broker-dealer and more, pending operational approval.
Singapore-based crypto exchange Crypto.com has secured the highly coveted Virtual Assets Service Provider (VASP) license in the emirate of Dubai, the company announced today.
The exchange now awaits operational approval from VARA, Dubai’s Virtual Assets Regulatory Authority.
Once approval is granted, Crypto.com will offer a range of regulated crypto services, including exchange services, broker-dealer services, management and investment services, and lending and borrowing services.
These services will be available to both retail and institutional users.
Crypto.com has been preparing its expansion into Dubai for some time, having received its MVP Provisional Licence in June 2022 and MVP Preparatory Licence in March 2023.
Related: Standard Chartered to launch new crypto custody service in Dubai within months
“It is an incredible honour to be the one of the first crypto exchanges to be granted a Virtual Asset Service Provider Licence by VARA, and it further proves our company’s commitment to security and compliance,” said Kris Marszalek, CEO of Crypto.com.
He added, “Dubai continues to show it is a leading market when designing effective regulation for the crypto space while still supporting adoption and innovation. 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.”
Dubai is becoming an increasingly attractive jurisdiction for crypto service providers – particularly those who battle with regulators in the West, such as the UK and us.
Last month, Standard Chartered, a London-based bank, announced that it will be launching a Bitcoin and Ether custody service in Dubai in the coming months, catering to institutional clients.
The company illuminated that the UAE is a far more welcoming jurisdiction than other nations in terms of crypto regulation.
“Back in 2018, when places like Singapore and the UAE were busy consulting on crypto assets, some other regions had not even made the distinction between a security and non-security status when it came to crypto assets,” said Waqar Chaudry, executive director of innovation at Standard Chartered, in an interview with CoinDesk.
“For that reason, now we see the difference in maturity in markets where countries like the UAE, Japan, Singapore and Hong Kong are beginning to move faster,” he added.
Related: JPMorgan debuts tokenisation platform; BlackRock and Barclays involved in first transaction
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