Crypto.com reaches another milestone with the recently obtained license from the Dubai Regulatory Authority to offer services in the country through Dubai’s arm CRO DAX Middle East FZE.
Meaning of Crypto.com’s Recent License
According to the announcement, Crypto.com Dubai entity has acquired the coveted Virtual Assets Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). This marks a big step for the company as it looks to expand its services globally.
The recently acquired VASP license allows the company to fully comply with the selected conditions and localization requirements of the VARA. Furthermore, it will allow the company to commence operations after receiving the operational approval notice from the regulatory body.
Furthermore, this will enable the company to offer regulated virtual asset services in the country. These include exchange services, broker-dealer services, management and investment services, and lending and borrowing services. These services are accessible to private and institutional users on the market via the Crypto.com exchange and Crypto.com app.
The announcement also saw the company draw attention Dubai as a regional hub for the Middle East and Africa. According to Kris Marszalek, CEO of Crypto.com, Dubai is one of the best markets for creating effective regulation for the crypto space.
“Dubai continues to demonstrate that it is a leading market in designing effective regulations for the crypto space, while still supporting adoption and innovation,” the CEO said.
Since VARA released its specialized regulations for virtual assets in February 2023, Crypto.com has worked to be one of the first virtual asset exchanges to make its VASP license operational. Finally, the company’s goal has been realized.
“It is an incredible honor to be one of the first crypto exchanges to receive a Virtual Asset Service Provider License from VARA,” said Kris.
The VASP license is one of the notable licenses acquired by the company this year. In March, Crypto.com also acquired one MVP preparatory license from Dubai Regulatory Authority.
The latest license could increase the price of Cronos (CRO).
The past few weeks have Cronos (CRO) is considered one of the best performing coins. CRO had an impressive one Price increase of 57% within the seven day time frame reaching the $0.1 mark.
The token surpassed several major cryptocurrencies in the top 100 rankings this weekend. However, the crypto asset seems to have lost its momentum as it fell from $0.1 to $0.088. According to CoinMarketCap, the CRO is currently down more than 5% in the last 24 hours.
Related reading: Snowfall Protocol (SNW), Shiba Inu (SHIB) and Cronos (CRO) – The Best Cheap Cryptos to Buy Now
So far, Crypto.com’s recent milestones have not had any impact on the CRO. Nevertheless, as Crypto.com’s native token, the license could drive greater adoption of CRO, which could help CRO regain its momentum.
Featured image of AltcoinsBOX, chart by Tradingview.com
