Crypto.com, a renowned platform recognized for its unwavering focus on regulatory compliance, security, and privacy, has just secured another feather in its cap.
The platform has been granted the MVP Preparatory License from the Virtual Assets Regulatory Authority (VARA) of Dubai. This marks a significant milestone in Crypto.com’s journey towards obtaining permission to operate in the Emirate after being granted a provisional permit in June of 2022.
With the MVP Preparatory License in hand, the exchange is now equipped to fulfill all prerequisites necessary to undertake MVP market operations under the VARA regime. This achievement is a testament to Crypto.com’s commitment to complying with all regulatory requirements while providing its users with the best possible services.
Once the license is fully operational, the company will be able to offer spot and derivatives instruments of virtual assets, including exchange services, brokerage, margin or leverage trading, and over-the-counter offerings around settlements for institutional investors.
Crypto.com & Evaluation Process For MVP Preparatory License
According to the press release, the exchange was granted the MVP Preparatory License after undergoing a thorough evaluation. The evaluation includes its essential personnel, governance protocols, capabilities in AML/CFT, policies and procedures in KYC and UBO, measures for cross-border safety and security, and outstanding compliance practices.
VARA’s CEO, Henson Orser, emphasized the importance of VARA’s regulatory framework in establishing and maintaining a distinctive, robust, and secure ecosystem that can sustainably facilitate the world’s leading VA market with reliable cross-border interoperability.
Orser added that in light of this, the involvement of esteemed entities such as Crypto.com would significantly advance our objective of delivering a forward-thinking and cutting-edge regulatory framework.
Additionally, Kris Marszalek, CEO of Crypto.com, said:
With the MVP preparatory license, we look forward to continuing to work with regulators in providing customers with the most comprehensive and secure crypto experience.
As per the press release, Crypto.com has over 80 million customers worldwide and is committed to providing the most secure and compliant services in the virtual asset industry.
The company’s focus on regulatory compliance and security has made it a leader in the industry, and the MVP Preparatory License from VARA is another significant milestone in its growth and expansion.
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