By receiving an MVP Preparatory License from Dubai’s Virtual Asset Regulatory Authority, Crypto.com has stated on its website that it has advanced in Dubai. The task of the authority is to create a framework that will allow crypto businesses to function more effectively in the area. Any development made within its framework is a significant move toward a cryptocurrency venture being able to provide its services.
The minimal viable product preparation license will take a few months to obtain after the temporary license is obtained in June 2022. In September 2022, only Binance was given the same authorization. The next action for Crypto.com is to submit an application for a business registration. A wide variety of services, including OTC offerings, brokerage, exchange services, and margin/leverage trading, to name a few, will be available through Crypto.com once it has been secured. Huobi, OKX, Bybit, and Equity are some other cryptocurrency businesses that need to obtain the preliminary license. These businesses presently have temporary licenses.
What is likely to work well for them to advance to the next step are the points that worked for Crypto.com. According to Crypto.com’s announcement, areas studied by VARA were:
- KYC Policies
- Governance Procedures
- Key Personnel
- Procedures followed to obtain the license
- AML/CFT Capabilities
Kris Marszalek from Crypto.com has called this a significant step for the company, adding that Dubai is an important market for the business and the industry. The Chief Executive Officer of Crypto.com has said that they are now looking forward to working with the regulators to provide the best experience to their customers.
Crypto.com has been invited to the MVP Program Preparatory Phase by Henson Orser from VARA. The regulatory agency’s chief executive officer believes that the structure will be essential to securing the future and producing lasting results. The final goal is to establish a world VA market that is seamless across international borders. Henson recognized Crypto.com as a reliable participant and said the organization would aid VARA in advancing its mission by creating a progressive, long-term regulatory framework.
Virtual Asset Service Providers must go through the following stages with VARA to become fully operational in the region:
- Preparatory MVP License
- Operational MVP License
- Full Market Product License
VARA has been tasked with developing a framework that promotes Dubai as the global center for virtual assets. Dubai has lately announced its Dubai Blockchain Strategy and Dubai Metaverse Plan. The goal is to establish Dubai among the top 10 metaverse economies and make it a global center for the sector.
Over 90 cryptocurrencies are mentioned on the platform of Singapore-based company Crypto.com, which was established in 2016. It is active in more than 90 nations, and our review of Crypto.com reveals that even though there is no deposit charge, the minimum deposit amount may change depending on the currencies and nations where it is active. More cryptocurrency businesses are seeking to set up shop in Dubai and are applying for operating permits there. While others advance at their own pace, Binance and Crypto.com are getting closer to being completely operational.
