In a new announcement released on March 20, Crypto.com, a company based in Singapore, reported that the Virtual Asset Regulatory Authority (VARA) of Dubai, had granted it a minimal viable product (MVP) initial authorization.
The MVP license enables the exchange to meet the requirements to operate in accordance with the VARA guidelines during the preparation phase. According to the regulations, no business may engage in, or seem to engage in, any digital service through advertisements and promotions in Dubai unless the company has obtained a license and authorization from VARA.
Dubai’s Relation with Crypto.com
The release claims that Crypto.com was fully examined before it was provided with the MVP preparatory license. The examination covered important personnel, governance mechanisms, anti-money laundering and counter-terror financing capabilities, Know Your Customer rules and procedures, ultimate beneficial owner rules and regulations, compliance methods, and cross-border safety measures.
Henson Orser, CEO of VARA, suggested that the organization’s regulatory strategy will help create a strong and sustainable framework that will offer a superior digital service market with secure global operations. He opined that including organizations like Crypto.com will help it achieve its goal of creating a progressive, futuristic set of regulations.
Moreover, the MVP phase’s preparatory phase gives authorized licensees the opportunity to complete all prerequisites for starting MVP market activities under the VARA system. Crypto.com will be able to provide spot and derivatives instruments for virtual assets once the license is operational.Â
Exchange activities, investment management, margin or leverage trading, and over-the-counter offers centered upon settlements for institutional investors can all be included in the offerings.
In the meantime, the exchange is growing as the Monetary Authority of Singapore (MAS) had granted the platform in-principle approval for a Major Payment Institution License in addition to the Brazilian central bank, Banco Central do Brasil, which has provided Crypto.com a Payment Institution License (EMI), as TheCoinRise reported in June and December of last year, respectively.
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