On March 20, 2023, Crypto.com, a leading cryptocurrency platform with over 80 million customers worldwide, announced that it had been granted an MVP Preparatory License by Dubai’s Virtual Assets Regulatory Authority (VARA).
This license will enable the company to conduct MVP market operations within the VARA regime, subject to fulfilling all the pre-conditions required.
The MVP Phase is a preparatory stage in which approved licensees complete all of the requirements needed to conduct MVP market operations within the VARA regulatory framework.
Once licensed, Crypto.com will be able to provide institutional investors with a wide range of duly regulated virtual asset activities. This will include spot and derivatives cryptocurrency exchange services, brokerage, margin/leverage trading, and OTC settlement offerings.
VARA Aims to Promote Responsible Business Growth in Virtual Asset Industry
The Dubai Virtual Asset Regulation Law established the Virtual Assets Regulatory Authority (VARA) in March 2022, marking a significant milestone in the regulation of virtual assets. This is the first law of its kind, and it aims to establish an advanced legal framework that protects investors while also setting global standards for the virtual assets industry.
The ultimate goal of VARA is to promote responsible business growth within and outside of the Emirate by ensuring that virtual assets are regulated in a safe and effective manner.
Crypto.com has demonstrated its dedication to regulatory compliance, security, and privacy by receiving the MVP Preparatory License from VARA. The license will allow the company to expand its portfolio of regulated virtual asset activities, giving its institutional clients more options and opportunities.
Crypto.com underwent a thorough review of its key personnel, governance procedures, AML/CFT capabilities, KYC and UBO policies and procedures, cross-border safety and security measures, and compliance practices prior to receiving this license. This ensures that Crypto.com abides by regulations and operates responsibly.
It intends to offer a full suite of institutional services to its clients in accordance with regulations once all pre-conditions have been met and the company has received its operational license. This includes services like spot and derivatives cryptocurrency exchange, brokerage, margin/leverage trading, and OTC settlement offerings.
VARA’s Chief Executive Officer, Henson Orser, expressed his pleasure in welcoming Crypto.com to the MVP Programme’s preparatory phase. He recognized the importance of VARA’s regulatory framework in creating and managing a secure and future-proofed ecosystem for virtual assets that enable sustainable and thriving global markets with secure cross-border interoperability.
In his statement, Orser highlighted the importance of credible players like Crypto.com in advancing VARA’s mission of delivering a progressive and future-focused regulatory framework.
Kris Marszalek, CEO of Crypto.com, also expressed his joy at the achievement, noting that the MVP preparatory license represents a significant milestone for the company in an important market for its business and industry.
He also stated that the license will allow Crypto.com to continue working with regulators to provide customers with the most comprehensive and secure crypto experience.
Crypto.com’s MVP preparatory licence is an important step in the regulatory compliance process. This licence enables Crypto.com to conduct MVP market operations within the VARA regulatory framework, provided that all necessary pre-conditions are met.
Crypto.com has demonstrated its commitment to regulatory compliance, security, and privacy by obtaining this license.
Crypto.com will be able to offer its customers a variety of regulated virtual asset activities with the MVP preparatory license, including spot and derivatives crypto exchange services, brokerage, margin/leverage trading, and OTC settlement offerings.
Crypto.com aims to provide its customers with a comprehensive and secure crypto experience while also contributing to the development of a progressive regulatory framework in the virtual assets industry by collaborating with regulators.
VARA is a regulatory authority that specializes in the virtual assets sector and is the world’s first of its kind. Following the implementation of Law No.4 of 2022, it was established in March 2022.
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VARA is in charge of regulating, supervising, and overseeing virtual assets and virtual asset activities across all Emirate of Dubai zones, including Special Development Zones and Free Zones (excluding the Dubai International Financial Centre).
VARA is dedicated to developing an advanced legal framework that protects investors and establishes international standards for virtual asset industry governance. It contributes to the vision of a borderless economy. As a central regulatory body, VARA plays a vital role in ensuring responsible business growth in the virtual assets industry, while also promoting Dubai as a hub for virtual asset activities.
Crypto.com was founded in 2016 and has since gained the trust of over 80 million customers worldwide. The company is well-known for its regulatory compliance, security, and privacy leadership. Its vision is “Cryptocurrency in Every WalletTM,” and its goal is to make cryptocurrency accessible to everyone.
Crypto.com is committed to accelerating cryptocurrency adoption by encouraging innovation and empowering the next generation of builders, creators, and entrepreneurs. The company’s goal is to build a more equitable digital ecosystem in which anyone can reap the benefits of cryptocurrency.