Crypto.com Gets Crypto License in Dubai
Crypto(dot)com secures a key license in Dubai, expanding its global crypto services with a focus on security.
Crypto(dot)com, a major cryptocurrency exchange, has just received a license to operate in Dubai. The license was granted to Crypto(dot)com's Dubai branch, CRO DAX Middle East FZE. This move comes after they received initial approval in March.
Three Steps to Full License
To get this license, companies must go through three steps: a provisional permit, a preparatory license, and finally, an operating license. Crypto(dot)com is now at the last stage, but it must meet local rules and conditions to start operations fully.
Once fully operational, Crypto(dot)com will offer exchange services, broker-dealer services, and more. They have already had success in getting licenses in Singapore, the Netherlands, the U.K., France, and Brazil. Despite some challenges, like staff reductions and banking issues, Crypto(dot)com is expanding globally.
Since February 2023, Dubai has required crypto companies to have proper authorization. Crypto(dot)com joins other major firms like Laser Digital in securing operations in Dubai.
Kris Marszalek, the CEO of Crypto(dot)com, expressed pride in being one of the first to get a license from Dubai's Virtual Assets Regulatory Authority (VARA). He emphasized the company's focus on security and compliance.
