Dubai authorities have given Crypto.com, one of the fastest-growing cryptocurrency exchange companies, preliminary authorisation to operate in the nation.
The country’s Virtual Assets Regulatory Authority (VARA), which was founded in March to supervise the legislation of virtual assets in Dubai, gave the crypto exchange a Virtual Asset MVP License.
Dubai’s Minister of State for Foreign Trade, Dr. Thani Al Zeyoudi, reacted to the news by saying that the country is devoted to its belief that crypto is critical to the financial sector’s revolution.
He said,
- The United Arab Emirates is focused on developing a world-leading environment for innovative technology and collaboration, and we believe the cryptocurrencies, virtual assets, and blockchain will revolutionize the financial services sector.
He went on to say that the country is on track to attract top crypto companies that share the country’s vision and can help it realize its objective of becoming a crypto hub thanks to the work of its Virtual Asset Regulatory Authority.
Crypto.com’s co-founder and CEO, Kris Marszalek, stated the exchange’s delight at being awarded a license to operate in one of the world’s most pro-crypto nations.
Marszalek said,
- We are excited to provide more of our products and services in a market of great importance to our business, and one that is equally committed to regulation and compliance.
