The Dubai Virtual Assets Regulatory Authority (VARA) has granted Crypto.com's Dubai division a virtual asset service provider (VASP) license, pending operational approval.
As Crypto.com said in the press release, once the regulator fully approves the license, its local company CRO DAX Middle East FZE will be authorized to offer retail and institutional investors exchange, brokerage, lending and borrowing services.
Kris Marszalek, the company's CEO, has said he looks forward to working with local regulators to contribute to Dubai's crypto sector.
The platform made Dubai in March last year its hub for operations in the Middle East and North Africa.
The company received a provisional license from VARA in June 2022, followed by a preparatory minimum viable product (MVP) license in March this year.