Singapore’s Crypto.com secures preparatory license from Dubai

by Arthur · March 21, 2023

Singapore-based cryptocurrency exchange Crypto.com has received its preparatory Minimum Viable Product (MVP) license from Dubai’s Virtual Assets Regulatory Authority (VARA).

The MVP phase in its preparatory phase allows approved licensees to meet all prerequisites required to conduct MVP market operations within the VARA regime, Crypto.com said in a statement on Monday.

Once licensed to operate, Crypto.com will be able to expand its approved suite of duly regulated virtual asset activities spanning a range of crypto exchange services (spot and derivatives), brokerage, margin/leverage trading and OTC offerings around institutional settlement investors.

VARA, established in March 2022 under the Dubai Virtual Asset Regulation Law, is the first law of its kind to regulate virtual assets and aims to create an advanced legal framework to protect investors and set international standards for the virtual asset industry to enable responsible business growth in and from the Emirate.

This announcement follows Crypto.com receiving the first preliminary approval from VARA in June 2022.

Crypto.com has received this MVP Preparatory License following a detailed review of key personnel, governance procedures, Anti Money Laundering/Countering the Financing of Terrorism (AML/CFT), Know Your Customer (KYC) and Ultimate Beneficial Owner (UBO) policies and procedures , cross-border safety and security measures, and best-in-class compliance practices.

After the preparatory stage and successful receipt of our operating license, Crypto.com intends to offer a full package of institutional services in the market in accordance with the regulations.

“We are pleased to welcome Crypto.com to the MVP program preparatory phase,” said Henson Orser, CEO of VARA.

“VARA’s regulatory framework will be instrumental in creating and managing a unique, resilient and secure future-proof ecosystem that delivers a sustainable and thriving global best-in-class VA market with secure cross-border interoperability,

“As such, the participation of credible players such as Crypto.com will advance our mission to deliver a progressive and forward-looking regulatory framework,” he added.

Kris Marszalek, CEO of Crypto.com, said that this achievement is the next important step for Crypto.com in an incredibly important market for the business and the industry.

“With the MVP-preparatory license, we look forward to continuing to work with regulators to provide customers with the most comprehensive and secure crypto experience,” he added.

Founded in 2016, Crypto.com is trusted by more than 80 million customers worldwide and is an industry leader in compliance, security and privacy.

Its vision is to create cryptocurrency in every wallet.

Crypto.com is committed to accelerating the adoption of cryptocurrency through innovation and empowering the next generation of builders, creators and entrepreneurs to develop a fairer and more equitable digital ecosystem.