Cryptocurrency exchange Crypto.com announced Tuesday that its Dubai business “CRO DAX Middle East FZE” has been granted a licence and can now provide specified virtual asset service activities in Dubai.
Dubai’s Virtual Assets Regulatory Authority (VARA) is the regulatory body granting the license – Crypto.com’s licence is subject to the firm meeting select conditions and localisation requirements defined by VAR. Only after this will the entity be allowed to operate after it has received operational approval notice from the regulator.
“Dubai continues to show it is a leading market when designing effective regulation for the crypto space while still supporting adoption and innovation,” said Kris Marszalek, CEO of Crypto.com in a press release.
In August, Komainu, a joint cryptocurrency custody venture involving Nomura NMR, Ledger and CoinShares, was given a license to operate in Dubai.
Also Read: Dubai's Crypto Licencing Race Heats Up As Nomura's Laser Digital Gets Green Light
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