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<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

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