Dubai’s Virtual Assets Regulatory Authority (VARA) has issued an MVP preparatory License to crypto.com.
The firm disclosed this in a statement issued on Monday.
According to crypto.com, the MVP Phase in its preparatory stage allows for approved licensees to fulfill all pre-conditions required to undertake MVP market operations within the VARA Regime.
“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.
“Crypto.com has received this MVP preparatory license after a detailed review of its key personnel, governance procedures, Anti Money Laundering/Countering the Financing of Terrorism (AML/CFT) capabilities, Know Your Customer (KYC), and Ultimate Beneficial Owner (UBO) policies and procedures, cross-border safety and security measures, and best-in-class compliance practices.
“Following the preparatory stage and successful receipt of our operational license, Crypto.com intends to offer a full suite of institutional services in-market in compliance with regulations.
On its part, VARA’s CEO, Kris Marszalek, said “VARA’s regulatory framework will be instrumental in creating and managing a unique, resilient, and securely future-proofed ecosystem that delivers a sustainable and thriving global best-in-class VA market with secure cross-border interoperability. As such, participation from credible players like Crypto.com will further our mission of delivering a progressive and future-focused regulatory framework”.
