Dubai’s Virtual Assets Regulatory Authority has officially granted Crypto.com, a prominent trading company, a Virtual Asset Service Provider (VASP) license. This license allows Crypto.com to operate as a fully authorized service provider for institutional investors within the emirate.
This announcement, released on April 9, underscores Crypto.com’s position as one of the pioneering international operators to offer crypto-to-fiat services in Dubai. The company met the provisional conditions set by the Virtual Assets Regulatory Authority (VARA) in November of the previous year.
In addition to its expansion in Dubai, Crypto.com is strategically increasing its presence across Asia and Europe. The company has secured crypto licenses in various jurisdictions, including South Korea, Spain, the Netherlands, and the United Kingdom.
Dubai established its Virtual Assets Regulatory Authority in March 2022 in response to the surge in crypto activity seen in the preceding year. The purpose of this agency is to oversee Dubai’s growing digital asset ecosystem while prioritizing investor safety and fostering innovation.
In February of the previous year, VARA introduced its regulatory framework, providing a comprehensive guideline for crypto operators and Virtual Asset Service Providers (VASPs) seeking to conduct business in Dubai.
According to information available on VARA’s website, the regulatory body issued 19 full digital asset licenses in January, with an additional 72 initial approvals awaiting complete issuance. While Dubai presents itself as a promising hub for the virtual currency economy, reports suggest that the region may pose challenges for crypto entrepreneurs.
