Expanding Crypto.com’s Reach with a New License in Dubai
Crypto.com has obtained a crypto license from regulators in Dubai, allowing the Dubai entity of Crypto.com to offer a range of services.
Crypto.com Expands into New Horizons
Crypto.com, a cryptocurrency exchange platform, has announced the acquisition of a VASP (Virtual Asset Service Provider) preparatory license from the Dubai Financial Services Authority (DFSA).
This license, still pending operational approval, will enable Crypto.com’s Dubai entity, “CRO DAX Middle East FZE”, to offer exchange, brokerage, lending, and borrowing services.
The move is part of Crypto.com’s strategy to become a hub for the Middle East and North Africa, with Dubai as the central point since March 2022.
Dubai, the New Paradise for Crypto Companies?
This milestone represents not only progress for Crypto.com but also highlights Dubai’s increasing attractiveness as a cryptocurrency-friendly jurisdiction.
With US regulators becoming more vigilant towards crypto companies, Dubai offers a clear and welcoming regulatory framework, attracting major crypto players such as Binance, Bybit, and most recently Crypto.com.
It is worth noting that Dubai is not the only territory where Crypto.com has obtained licenses from local regulators. The Singapore-based platform has also completed its regulatory process in Singapore in June, as well as in the Netherlands, the United Kingdom, Brazil, and France.