Crypto.com has announced that it has been granted an MVP preparatory license by the Dubai Virtual Assets Regulatory Authority (VARA). The permit will lay the foundation for the exchange to extend its operations to the region.
Crypto.com, the world’s 18th-largest crypto exchange by trading volume, is on the verge of setting up shop in crypto-friendly Dubai. The company has successfully obtained a minimal viable product (MVP) Preparatory license from the region’s Virtual Assets Regulatory Authority (VARA).
Per an announcement by the exchange, the MVP license will allow it to “fulfill all pre-conditions required to undertake MVP market operations under the purview of the VARA.
Once it successfully fulfills these conditions, Crypto.com will be allowed to offer its regulated services in the area, including crypto spot, derivatives trading, and more.
Crypto.com says VARA granted it the MVP preparatory license after carefully reviewing its operations, including governance procedure, key personnel, know-your-customer (KYC), and anti-money laundering policies.
As part of measures to weather the storms of the crypto winter, Crypto.com laid off 20% of its workforce last month. The exchange’s customers have recently complained about its exorbitant trading and withdrawal fees.
Dubai authorities have been doing everything possible to make the city a hotbed for innovative technologies.
Last month, VARA introduced a rule book containing detailed guidelines for cyber security operations and digital assets issuances, exchange services, and more for crypto-focused businesses within its shores.