Singapore-based cryptocurrency exchange Crypto.com will soon be able to extend its services in Dubai, after it received a Minimal Viable Product (MVP) Preparatory License from Dubai’s Virtual Assets Regulatory Authority (VARA).
See related article: Hong Kong crypto firm Q9 Capital gets Dubai provisional approval
- “The MVP phase in its preparatory stage allows for approved licensees to fulfill all pre-conditions required to undertake MVP market operations within the VARA regime. Once licensed to be operational, Crypto.com will be able to extend its approved suite of duly regulated virtual assets activities spanning a range of crypto exchange services,” the company said in a statement on Monday.
- Crypto.com had received the initial provisional approval from VARA in June.
- VARA is the sole authority regulating virtual assets across Dubai, according to its website. It aims to position Dubai as a regional and international hub for virtual assets, promote virtual assets and attract investments and businesses to set up their base in Dubai.
- Dubai has been granting licenses to crypto exchanges and attracting investments in the virtual assets industry. It also announced last year plans to be one of the top 10 cities globally in the metaverse economy, creating 40,000 virtual jobs and adding US$4 billion to the city’s economy in five years.
- Binance, world’s largest crypto exchange, also received the MVP license from Dubai’s VARA last year, along with companies like Hex Trust and Komainu.
- See related article: Dubai could be crypto’s promised land, Citi says