Crypto.com, a cryptocurrency exchange headquartered in Singapore, has been granted a Minimal Viable Product (MVP) Preparatory License by Dubai’s Virtual Assets Regulatory Authority (VARA), allowing it to expand its services in Dubai soon. In its preparatory phase, the MVP stage enables authorized licensees to meet all requirements to engage in MVP market operations under the VARA regime.
According to March 20th report, after receiving its operating license, Crypto.com plans to expand its regulated virtual asset activities. Furthermore, the Company’s suite of services includes various crypto exchange services.
Moreover, VARA provided initial provisional clearance to Crypto.com in June 2022. VARA, as stated on its website, is the regulatory body responsible for overseeing virtual assets in Dubai.
Dubai aims to become a hub for virtual assets at both regional and international levels. Furthermore, it seeks to promote the use of virtual assets and encourage investments and company establishments in this field. Dubai is focusing its objectives on expanding the scope of digital assets.
Dubai has authorized crypto exchanges and enticed investments in the realm of virtual assets. Additionally, it declared its intentions last year to become a leading global city in the metaverse economy, with plans to generate 40,000 virtual job opportunities and contribute $4 billion to the city’s economy within five years.
Dubai Continues To Embrace Cryptocurrency
Last year, Binance, the biggest cryptocurrency exchange in the world, was granted the MVP license by VARA in Dubai, along with other companies such as Hex Trust and Komainu. Cryptocurrency’s growing adoption in Dubai reflects a broader trend. More businesses and governments recognize the value of this digital asset class.
Its goals include promoting the use of virtual assets, creating Dubai as a regional and global hub for them, and promoting investments and business setups there. Finally, Crypto.com’s MVP Preparation License is a crucial step forward as the Company extends its services in Dubai.
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VARA’s control and regulation enable the Company to offer virtual asset activities, meeting the region’s growing demand for crypto exchanges. The Company can provide various options for virtual asset trading and business through this. Dubai’s adoption of cryptocurrencies is promising. It may transform the financial system and bring the digital asset class a bright future.