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Crypto.com earns provisional license in the UAE

Crypto.com
TL;DR Breakdown
  • Crypto.com wins provisional license in the UAE
  • VARA monitors several aspects of the crypto sector in the UAE
  • Crypto.com is open to entering more countries

Crypto.com has announced that it has earned a license of operation in the United Arab Emirates by the regulatory authority overseeing virtual assets in Dubai. With the new license, the crypto exchange will be able to offer a wide range of its services among several crypto communities in the country. However, the firm will be able to make this provisional license a full one when it eventually passes the requirements to become a full-fledged crypto firm in the country.

VARA monitors specific aspects of the crypto sector in the UAE

The overseeing authority in terms of virtual assets in Dubai was created in the early parts of this year. Its area of specialization is to be on top of several activities in the crypto sector including buying, selling, and authorizing what digital assets will be allowed to go on trade in Dubai. The body is also charged with overseeing the activities of exchanges like Crypto.com and other firms with like services.

The core service that it provides is to enable a wide coverage for consumers by protecting them from the ills of the crypto market. Crypto.com got the provisional license because it submitted a set of documents earlier that just passed inspection. The company will now be able to offer a full range of its services to both high and low-scale crypto traders as it continues to wait for the issuance of the real license.

Crypto.com open to entering more countries

In a statement by the Foreign Trade Minister, the UAE is still focused and is unwavering in its quest to ensure that its future involves technology and innovation. The minister in question, De Thani Al Zeyoudi, said he believes that the feat could be achievable in the financial sector judging by what the crypto sector brings. He also mentioned that companies would also be able to leverage beneficial programs like the VARA to enter the company where it will be open to a host of consumers. Reacting to the update, the top executive of Crypto.com, Chris Marszalek noted that the company is very proud to be able to achieve such a feat.

The boss mentioned that Crypto.com will do everything in its power to ensure that users get the best kind of services and products from its platform while adhering strictly to the rules and regulations set out by VARA. Finally, he said that the company is also open to surrendering to regulatory checks across the world if it means that they can onboard more users in these countries. Crypto.com entered the crypto market in 2016 and has since gone on to amass more than 50 million users as it continues to grow rapidly.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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