Crypto.com is the same firm that has named a sports arena as a marketing tactic. However, the firm has been moving forward in a different direction recently. Media reports have revealed that Crypto.com has inched closer to getting an operational license in Dubai.
The reports suggest that the firm has entered the second phase of a three-staged registration process. Crypto.com is based in Singapore and has been able to acquire the minimum viable product or MVP license in Dubai.
The regulator in the case is Virtual Assets Regulatory Authority or VARA, as mentioned in a recent public statement issued by the crypto enterprise on Monday. The firm has pointed out that the registration process is based on three levels that entail getting a provisional certification.
At the same time, the cryptocurrency enterprise must also invest in an operational license which is the second stage that Crypto.com is currently navigating through.
Crypto.com has recently reported that once it has acquired the required license from the government regulators, it will list the approved virtual assets. The consumers in the region would be able to access the trading option for these products. The firm has maintained that its users in the new jurisdiction would be able to get the spot and derivatives trading options.
On the other hand, they will also be able to gain access to other trading options such as brokerage, margin, leverage trading position, and OTC offerings for their consumers in the region. Institutional investors would also have access to these crypto-related services.
CEO of VARA has said on the matter that when there are credible enterprises like Crypto.com in the mix, commercial users are more likely to respond. Meanwhile, regulators will also make an effort to ensure a progressive and innovative approach to legislating crypto.
Crypto Companies Require Trading License to Operate in Dubai
The government of Dubai is also changing its stance on the cryptocurrency marketplace. The firm has claimed that it can create the best possible results if all the cryptocurrency firms in the region are mandated to apply for a trading and operational license.
At the same time, regulators in the region are also working on issuing a regulatory framework that ensures these changes.
During the last few months, Crypto.com has started to face some issues with regulators in various countries. The firm was able to get a regulatory pass from countries like Brazil and France.
However, the regulators in the UK started by pushing for regulatory clarity on the advertisement methods and maintaining its human resource.
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