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In the words of Crypto.com’s CEO, Kris Marszalek, “With the MVP preparatory license, we look forward to continuing to work with regulators in providing customers the most comprehensive and secure crypto experience.”
Crypto.com has received the MVP Preparatory License from Dubai’s Virtual Assets Regulatory Authority, bringing it another step closer to securing an operational license from Dubai authorities.
Crypto firms that seek to operate in Dubai must complete a three-phase process. This involves securing a provisional permit and a preparatory license from the VARA before finally applying for an operational permit.
Crypto.com earlier received the provisional license from the VARA in June 2022. According to its blog post, the Singapore-based crypto firm received the MVP Preparatory License following a thorough review of its key personnel, AML, KYC, and other compliance standards. Henson Orser, the CEO of VARA said,
“We are pleased to welcome Crypto.com to the MVP Programme preparatory phase. Participation from credible players like Crypto.com will further our mission of delivering a progressive and future-focused regulatory framework.”
The exchange also announced that it will launch a host of services in Dubai after receiving the operational permit from the regulators. The offerings include spot and derivatives instruments, margin trading, and brokerage, among other services.
The price of Cronos (CRO), the blockchain launched by Crypto.com in 2021, has seen an uptrend in its pricing following the announcement. As of writing, Cronos is valued at $0.074, up by 4.5% in the last 24 hours.