FOMO

<img src="https://www.blockhead.co/content/images/2023/03/Cryptocom-Dubai.jpg" alt="Dubai Gives Crypto.com Preparatory License to Expand">Crypto.com is on its way to becoming fully operational in Dubai after receiving its preparatory license.On Monday, the Singapore-based crypto platform <a href="https://crypto.com/company-news/crypto-com-secures-mvp-preparatory-license-from-dubais-virtual-assets-regulatory-authority?ref=blockhead.co">announced</a> that Dubai&apos;s Virtual Assets Regulatory Authority (VARA) issued the firm with the minimal viable product (MVP) license.The full license process involves three stages. <a href="blockhead.co/tag/crypto.com">Crypto.com</a> received the first provisional permit in June last year. Its latest preparty license is the second stage.Rival crypto exchange <a href="blockhead.co/tag/binance">Binance</a> was awarded the Dubai MVP license in September.Read more: <a href="https://www.blockhead.co/2022/09/21/sorry-sg-dubai-just-secured-the-crypto-reign-with-binance-mvp-license/">Sorry SG, Dubai Just Secured the Crypto Reign With Binance MVP License</a>Crypto.com has said it intends to offer a &quot;full suite of institutional services in-market in compliance with regulations&quot; upon the successful receipt of the full license.&quot;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 (spot and derivatives), brokerage, margin/leverage trading, and OTC offerings around settlements for institutional investors,&quot; the firm said.<h2 id="dubai-crypto-hub">Dubai crypto hub</h2>Last month, Dubai released licensing and authorization requirements for virtual asset companies and issuers looking to operate in the emirate.VARA&apos;s compulsory rulebooks cover compliance and risk-management standards for sector companies, as well as requirements on cyber security norms, market conduct and more.There are also seven activity-specific rulebooks covering issuance, advisory, custody and exchange services, and more, as well as a specific rulebook for token issuance.VARA said the regulations aim to &quot;position Dubai as a regional and international hub for Virtual Assets and related services and to develop a digital economy in the city to boost its competitive edge locally and internationally&quot;Read more: <a href="https://www.blockhead.co/2023/02/09/dubais-vara-launches-full-market-product-regulations/">Dubai&apos;s Virtual Asset Regulations to Attract Crypto Firms, Investors</a>&quot;The VA Framework is structurally designed to offer regulatory certainty &#x2013; allowing the market to have greater clarity on the expected level of operator responsibility,&quot; the regulator said in a statement.<hr>The world of Web3 can be quite a whirlwind. Whether it&#x2019;s crypto news in Singapore, South East Asia or even across the globe, we understand how busy the industry is keeping you, so we kindly send out three newsletters each week:<ul><li><a href="https://blockhead.co/tag/blockbeat?ref=blockhead" rel="noopener noreferrer">BlockBeat</a> for a wrap-up of the week&#x2019;s digital assets news</li><li><a href="https://blockhead.co/tag/blockhead-brief?ref=blockhead" rel="noopener noreferrer">Blockhead Brief</a> for weekend happenings as well as what to look forward to in the week ahead</li><li><a href="https://www.blockhead.co/tag/business-bulletin/" rel="noopener noreferrer">Business Bulletin</a> for macroeconomic updates and industry developments.</li></ul>To avoid FOMO and access member-only features, click <a href="https://www.blockhead.co/#/portal/" rel="noopener noreferrer">here</a> to subscribe for FREE.

Dubai Gives Crypto.com Preparatory License to Expand

Table of Contents

Blockhead

Other articles published on Mar 21, 2023

BNB Chain dApps Attract More Active Users in the Last 30 Days

Euler Finance on Path to Recover Stolen Fund in Flash Loan Attack

Biden economic report puts Bitcoin in a bad light

WEMIX PLAY on Ethereum through zkSync

Chainalysis Says USA Is One of the Leaders In Crypto Adoption

Crypto.com Customer Whose Partner Mistakenly Received $10.5M Has Been Granted Bail

Join our free newsletter for daily crypto updates!