Crypto.com’s Triumph in Dubai: Secures MVP Preparatory License from VARA!

Distinguished by the trust of over 80 million customers worldwide, Crypto.com continues to soar as the industry leader in regulatory compliance, security, and privacy. Today, they make headlines once again with the thrilling confirmation of receiving their MVP Preparatory License from Dubai’s esteemed Virtual Assets Regulatory Authority (VARA). This monumental milestone marks the preparatory stage for approved licensees to fulfill all pre-conditions required to embark on MVP market operations within the VARA Regime. With this pivotal license in hand, Crypto.com is set to expand its suite of duly regulated virtual assets activities, encompassing a diverse range of crypto exchange services (spot and derivatives), brokerage, margin/leverage trading, and OTC offerings tailored to institutional investors’ settlement needs. Established under the visionary Dubai Virtual Asset Regulation Law in March 2022, VARA represents the first-of-its-kind legal framework devoted to regulating virtual assets. Its noble mission is to protect investors, set international standards, and foster responsible business growth within and beyond the Emirate. As a prominent player in the crypto landscape, Crypto.com’s inclusion in the MVP Programme preparatory phase is a testament to their commitment to adhering to top-notch compliance practices and contributing to the creation of a secure, future-proofed ecosystem for the global virtual assets market. The road to this remarkable achievement started with Crypto.com’s initial provisional approval from VARA in June 2022. A rigorous review of 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 culminated in the well-deserved MVP preparatory license. With this significant milestone achieved, Crypto.com’s vision extends to offer a full suite of institutional services in strict compliance with regulations once they receive the operational license. Henson Orser, the visionary Chief Executive Officer of VARA, warmly welcomes Crypto.com to the MVP Programme preparatory phase, emphasizing that the regulatory framework established by VARA will play a pivotal role in creating a unique, resilient, and securely future-proofed ecosystem. By delivering a sustainable and thriving global best-in-class virtual assets market with secure cross-border interoperability, VARA is shaping the future of the industry. Crypto.com’s participation as a credible and reputable player further amplifies the mission to deliver a progressive and future-focused regulatory framework. Thrilled with this momentous accomplishment, Kris Marszalek, CEO of Crypto.com, declares, “This achievement is the next significant step for Crypto.com in an incredibly important market for our business and industry. With the MVP preparatory license, we look forward to continuing to work with regulators in providing customers the most comprehensive and secure crypto experience.” With Crypto.com’s sights firmly set on Dubai’s flourishing market, their dedication to providing unparalleled security and innovation knows no bounds. As they embark on this exciting journey in compliance with VARA’s visionary regulations, Crypto.com is poised to redefine the crypto landscape and elevate the virtual assets industry to new heights. Brace yourself for an extraordinary future as Crypto.com pioneers a secure and groundbreaking crypto experience in Dubai and beyond.