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Crypto.com has been granted a minimal viable product (MVP) preparatory license from Dubai’s Virtual Assets Regulatory Authority (VARA).
This is the next step toward an operational license in Dubai, which would allow the Singapore-based firm to offer a range of regulated services such as virtual assets and a crypto exchange.
Established in March 2022, VARA regulates, supervises, and oversees virtual asset activities across Dubai. The regulator aims to create an advanced legal framework to protect investors and establish international standards for virtual asset governance.
Crypto.com received initial provisional approval from VARA in June 2022. The MVP license was awarded to the firm after review of its key personnel, governance procedures, policies, and compliance practices, among others.
Kris Marszalek, the company’s CEO, said Dubai is “an incredibly important market for our business and industry.”
Crypto.com was established in 2016 and has over 80 million customers worldwide. It currently sits as the second-largest crypto exchange in trading volume right after Binance, according to CoinMarketCap data.
See also: How crypto will evolve after this weekend’s banking crisis
In January, Crypto.com announced that it had reduced its total workforce by around 20% on the back of ongoing economic headwinds and “unforeseeable industry events.”
Editing by Thu Huong Le and Lorenzo Kyle Subido
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