One of the leading crypto exchanges, Crypto.com has obtained its Minimal Viable Preparatory (MVP) license in Dubai. The crypto exchange confirmed the development in its Monday blog post. Worthy of note that the the Virtual Assets Regulatory Authority (VARA) issued the license to the firm.
According to Crypto.com, the MVP stage paves the way for approved licensees to meet up with all pre-conditions required to undertake MVP market operations within the VARA regime. When it becomes operational, the crypto exchange will now be able to offer its regulated virtual asset services to Dubai residents.
Meanwhile, this development comes barely eight months after the exchange secured an initial provisional approval in Dubai. Then, crypto.com said VARA planned to carry out advanced checks and other necessities before issuing a full operating approval. Earlier, the exchange established its regional office in the region.
Crypto.com and its relentless efforts to cement global presence
Beyond Dubai, Crypto.com has also been pushing to extend its crypto services in other notable countries. Recall that in July, it secured a regulatory license in Cyprus, thereby allowing the extension of its services to the country. According to the announcement, the offerings by the crypto exchange in Cyprus will be carried out in line with the local laws.
Also, the Singapore-based exchange, in its quest for global presence also entered into the South Korea market. Crypto.com was able to achieve this after it completed its Electronic Financial Transaction Act and Virtual Asset Service Provider registration in the country. It aim to offer crypto services to South Korea residents in compliance with local regulations. Also, the firm assured the residents about its commitment to foster the security of its users in the Asian nation.
As part of its efforts towards global expansion, crypto.com also obtained regulatory license from the United Kingdom Financial Conduct Authority. More so, in September, it secured the same license from the Autorité des marchés financiers (AMF) in France. Before securing this license, crypto.com was subjected to a review by the Autorité de Contrôle Prudentiel et de Résolution (ACPR). Worthy of note that this review manifested to check if the activities of the exchange does not foster money laundering.
Although its bid for global expansion suffered a little setback after it dismissed 20% of its team in January. According to its CEO, Kris Marszalek, the implications of the recent collapse of FTX caused its decision. Recall that the firm had $10 million exposure to the troubled exchange.
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