CryptoCom Obtains Provisional Approval From Dubai Virtual Assets Regulatory Authority

Cryptocurrency trading platform CryptoCom has obtained provisional approval from Dubai’s Virtual Assets Regulatory Authority (VARA) to offer its services to users of the country.

CryptoCom Obtains Provisional Approval in Dubai

Following the company’s submission of documentation indicating its pledge to the agreement, CryptoCom received the provisional approval for its Virtual Asset Minimal Viable Product (MVP) License.

This entails that the exchange is allowed to offer just enough of its services to institutional investors and qualified users in the country, with the hope that positive feedback will be given by early users, and hence, pave the way for more services from the platform to be utilized in the country.

Commenting on the development, Kris Marszalek, CEO of CryptoCom, said:

“We are excited to provide more of our products and services in a market of great importance to our business, and one that is equally committed to regulation and compliance. We look forward to working with regulators throughout the region to further expand Crypto.com’s offering and presence in the market.”

Crypto Exchanges Flock Into UAE

As the UAE continues to grow into a crypto-friendly hub, various crypto exchanges have made moves to obtain operational licenses for them to offer crypto services to customers in the region.

Thani bin Ahmed Al Zeyoudi, the Minister of State for Foreign Trade for the United Arab Emirates (UAE), commented on this, saying,

“We believe the cryptocurrencies, virtual assets and blockchain will revolutionize the financial services sector. Through our Virtual Asset Regulatory Authority and other important initiatives, we are attracting companies to the UAE to build on this vision and enable technologies of the future to flourish here,” he said.

Coinfomania reported in March that crypto exchange FTX received a fully operational license to offer its services to users in Dubai and other parts of the UAE. During the same period, Binance announced that it had received virtual asset licenses in Dubai and Bahrain.

Similarly, crypto exchange Kraken was issued a full financial license by Abu Dhabi Global Market (ADGM), enabling the company to offer its services as a regulated virtual asset exchange in the region,