World

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Dubai

<h2 style="text-align: center;" id="strong-introduction-to-crypto-com-s-achievement-strong"><strong>Introduction to Crypto.com’s Achievement</strong></h2> 
<p>Crypto.com, a renowned virtual assets exchange, has achieved a significant milestone. The company’s Dubai entity, CRO DAX Middle East FZE, has <a href="https://www.reuters.com/technology/cryptocom-wins-dubai-licence-2023-11-14/">received a license</a> from Dubai’s Virtual Assets Regulatory Authority (VARA). This is a big step for the company and the virtual asset sector in Dubai.</p> 
<h2 style="text-align: center;" id="strong-the-licensing-process-strong"><strong>The Licensing Process</strong></h2> 
<p>etting this license was not easy. It involved three stages: a provisional permit, a preparatory license, and finally, the operating license. Now, in the third stage, Crypto.com must meet specific localization requirements before starting operations in Dubai.</p> 
<p>&nbsp;</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en"><a href="https://t.co/vCNztATkNg">https://t.co/vCNztATkNg</a> is proud to announce that we have been granted a Virtual Asset Service Provider Licence from Dubai’s Virtual Assets Regulatory Authority, building on our position in the <a href="https://twitter.com/hashtag/UAE?src=hash&amp;ref_src=twsrc%5Etfw">#UAE</a> market.</p> 
 <p>Learn more:<a href="https://t.co/0anXDLsxTv">https://t.co/0anXDLsxTv</a> <a href="https://t.co/EcgXCGEkMm">pic.twitter.com/EcgXCGEkMm</a></p> 
 <p>— Crypto.com (@cryptocom) <a href="https://twitter.com/cryptocom/status/1724278894029635778?ref_src=twsrc%5Etfw">November 14, 2023</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<h2 id="">&nbsp;</h2> 
<h2 style="text-align: center;" id="strong-services-to-be-offered-strong"><strong>Services to be Offered</strong></h2> 
<p>Once operational, Crypto.com will provide various services. These include exchange services, broker-dealer services, and lending and borrowing services. This will open new opportunities for both retail and institutional investors in the region.</p> 
<h2 style="text-align: center;" id="strong-dubai-s-role-in-crypto-regulation-strong"><strong>Dubai’s Role in Crypto Regulation</strong></h2> 
<p>Dubai has been proactive in regulating the virtual asset industry. Formed in March 2022, VARA aims to make Dubai a global hub for this sector. This move is part of Dubai’s strategy to diversify its economy. Kris Marszalek, CEO of Crypto.com, praised Dubai for being a leader in crypto regulation, supporting adoption and innovation.</p> 
<p>With over 80 million customers worldwide, Crypto.com chose Dubai as its regional hub for the Middle East and North Africa in March 2022. This decision followed the trend of major industry players moving towards the Gulf city-state.</p> 
<h2 style="text-align: center;" id="strong-impact-of-u-s-regulations-on-crypto-firms-strong"><strong>Impact of U.S. Regulations on Crypto Firms</strong></h2> 
<p>As U.S. regulators<a href="https://walletinvestor.com/magazinadmin/sec-find-blackrock-2-5m-inaccurate-investment-exposure/"> take action</a> against crypto firms, Dubai is emerging as a preferred destination for these companies. They seek legal clarity in this crypto-friendly jurisdiction, making Dubai a rising digital assets hub in the Middle East.</p> 
<p>&nbsp;</p> 
<h2 style="text-align: center;" id="strong-the-strategic-significance-of-crypto-com-s-license-strong"><strong>The Strategic Significance of Crypto.com’s License</strong></h2> 
<p>Dubai’s welcoming stance towards virtual asset companies is reshaping the global crypto landscape. By granting licenses to entities like Crypto.com, Dubai is not only diversifying its own economy but also attracting global players in the cryptocurrency market. This trend positions Dubai as a pivotal center for crypto innovation and regulation. The city-state’s forward-thinking policies offer a blueprint for other regions aiming to integrate virtual assets into their economic frameworks, signaling a new era of global crypto collaboration and development.</p> 
<h2 style="text-align: center;" id="strong-conclusion-a-step-forward-in-the-crypto-world-strong"><strong>Conclusion: A Step Forward in the Crypto World</strong></h2> 
<p>Crypto.com’s licensing in Dubai is more than just a local achievement. It marks a significant step in the global virtual assets landscape. This move not only boosts Crypto.com’s presence in the Middle East but also underscores Dubai’s growing importance in the global crypto industry.</p>

Crypto.com Secures Key Dubai Licence: Expanding Virtual Asset Services

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