VARA, a crypto regulator in Dubai, has given Crypto.com the green light to operate in the city. As a result, the crypto firm can now offer crypto products to its citizens.
Moreover, this current license is part of the company’s global expansion into the United Arab Emirates. However, the company had to meet all mandatory requirements before starting operation.
Crypto.com Receives License To Operate In Dubai
As per CryptoPotato’s report, another crypto exchange firm has received a license to operate in Dubai. Dubai is one of the most populated cities in the UAE.
The Dubai watchdog, VARA, was established at the start of 2022. The agency aims to monitor the crypto-asset sector. Also, it regulates the operations of crypto platforms. Additionally, the regulatory body supervises crypto transactions to protect the rights of investors.
According to VARA, Crypto.Com completed all the necessary requirements set by the agency. Hence, the regulator has given the firm permission to offer crypto products to Dubai users. Meanwhile, the regulator noted that it would keep a close eye on the exchange.
Minister of Foreign Trade, Thani Al Zeyoudi, noted that the UAE is positive toward crypto and blockchain innovation.
“Through our regulatory agency, we plan to attract several crypto companies to the region. This will allow for the development of further technologies which will better the region,” he added.
Recall, the famous city of Dubai has a World Trade Centre. The DG of the center, Helal Saeed Almarri, noted that the crypto industry welcomes Crypt.oCom. He believes the platform will be among the major anchors in the industry.
According to Kris Marszalek, Crypto.Com’s CEO, the Dubai market is essential. Hence, the company is happy to diversify its operations in the region.
Crypto.com Continues To Make Headlines
The name of the trading platform has received wide attention recently. In 2021, the firm partnered with the famous racing game Formula 1. This partnership made it the inaugural and global partner of the competition.
Last November, the crypto company inked a deal with the Staples Center. The deal was worth over $700 million. Consequently, the name of the Lakers’ Los Angeles arena became Crypto.Com Arena.
Another company that received a license to operate as a Virtual Asset Service Provider in Dubai is Binance. The country’s regulator granted the permit in March. Now, Crypto.com will have to compete with other exchanges to gain ground in the city.
