Singapore-based online trading platform Crypto. com has secure its MVP Preparatory License from Dubai’s Virtual Assets Regulatory Authority.

In its preparatory stage, the MVP Phase allows for approved licensees to fulfil all of the pre-conditions required to undertake MVP market operations within the VARA Regime. Once it obtains its operational licence, Crypto. com will be able to extend its regulated virtual assets activities, including crypto exchange services, margin/leverage trading, and brokerage.

Crypto. com has received provisional approval for its Virtual Asset MVP License from the Dubai Virtual Assets Regulatory Authority in June 2022. The approval was part of Crypto.

com’s ongoing efforts of expanding its capabilities in the Middle East and beyond. In March 2022, the company announced its plans to set up a regional hub in Dubai. Crypto.

com was also working with the UAE Government via Investopia to advance global financial innovation both within the market and around the globe. VARA officials cited by crypto. com welcomed the company into the MVP Programme preparatory phase and highlighted how its participation will help them to fulfil their mission of delivering a progressive and future-focused regulatory framework.

More information about VARA According to crypto. com, VARA was founded in March 2022 under the Dubai Virtual Asset Regulation Law, and it aims to regulate virtual assets with the aim of creating an advanced legal framework to protect investors and set international standards for the virtual assets industry. Following the effect of Law No.

4 of 2022, VARA is the competent entity in charge of regulating, supervising, and overseeing VAs and VA Activities in all zones across the Emirate of Dubai, including Special Development Zones and Free Zones but excluding the Dubai International Financial Centre. Other developments from Crypto. com Before setting its sights on Dubai, Crypto.

com has received regulatory approvals in other parts of the world, including Brazil and France. In December 2022, Crypto. com became the first cryptocurrency exchange to receive a Payment Institution Licence from the Central Bank of Brazil.

This new licence allowed the company to keep on offering regulated fiat wallet services in Brazil, where the Crypto. com Visa card has been available since 2021. Crypto.

com representatives cited by coindesk. com highlighted Brazil and the entire Latin American market as important regions for the company’s goals to bring cryptocurrency into every wallet. In September 2022, Crypto.

com became registered in France as a Digital Asset Service Provider (DASP) by the Autorité des marchés financiers (AMF). The approval came after it received clearance from the Autorité de Contrôle Prudentiel et de Résolution (ACPR). Crypto.

com was subject to rigorous review, particularly around anti-money laundering and combating the financing of terrorism, to receive regulatory approval. With this registration, the platform was able to bring a suite of products and services in compliance with local regulations to customers in France. .