Dubai, March 20, 2023 – Crypto.com, trusted by more than 80 million customers worldwide and the industry leader in regulatory compliance, security and privacy, confirmed today that it has received its MVP Preparatory License from Dubai’s Virtual Assets Regulatory Authority (VARA). 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.
VARA, established in March 2022 under the Dubai Virtual Asset Regulation Law, is the first law of its kind to regulate virtual assets and aims to create an advanced legal framework to protect investors and set international standards for the virtual assets industry to enable responsible business growth in and from the Emirate.
This announcement follows Crypto.com receiving the initial provisional approval from VARA in June 2022. 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.
“We are pleased to welcome Crypto.com to the MVP Programme preparatory phase,” said Henson Orser, Chief Executive Officer of VARA. “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”.
“This achievement is the next significant step for Crypto.com in an incredibly important market for our business and industry,” said Kris Marszalek, CEO of Crypto.com. “With the MVP preparatory licence, we look forward to continuing to work with regulators in providing customers the most comprehensive and secure crypto experience.”
This market notice is being issued by Dubai’s Virtual Assets Regulatory Authority (VARA) to highlight to all industry stakeholders, and consumers that the deadline for VA sector entities to engage in the regulatory licence application process has now elapsed. As formally announced on 05.November further to multiple advisories since Q2-2023, entities operating within the virtual asset domain were required to commence procedural engagement with VARA on/or before 17.November.2023.