A popular cryptocurrency platform, identified as Crypto.com recently received provisional approval for its Virtual Asset MVP license from VARA, a regulatory agency in Dubai. The crypto platform confirmed the receipt of the approval in a blog post relayed via its official page today. VARA, known as the Dubai Virtual Regulatory Authorities usually oversees the issuing, trading, and approval of digital assets in Dubai. Additionally, With this approval crypto.com can now go ahead in line with the existing compliance mechanism.
As revealed by Crypto.com, VARA plans to conduct advanced checks and other necessities in the future before issuing a full operating approval to the exchange. The cryptocurrency venture is now pushing for the acceleration of all the processes so it can commence full operations soon. Although with the recent approval, crypto.com can now offer crypto exchange products and services to its users with the recent approval.
Emerging reactions to Crypto.com’s license approval
The Founder and CEO of Crypto.com, Kris Marszalek expressed his excitement over the MVP license approval by VARA. According to him, the platform remains committed to offering more products and services in a regulatory compliant market. More so, Marszalek said his team looks forward to working with the regulatory agencies in all the regions in a bid to widen the services of crypto.com.
Also, the Director-General of Dubai World Trade Centre Authority, Saeed Almarri welcomed crypto.com into the community of VA players. The Director expressed the commitment of VARA to connecting service providers and governments to create an enhanced ecosystem for the VA industry. However, Almarri further that crypto.com as a licensed player must partner VARA to develop a standard future regulatory mechanism.
Furthermore, the UAE Minister for Foreign Trade, Thani Al Zeyoudi said the development reaffirms the country’s belief in digital assets. According to Al Zeyoudi, the country believes cryptocurrencies, blockchain, and virtual assets possess the capacity to transform the finance sector. The minister hinted that such commitment attracts crypto platforms to invest and thrive in Dubai.
Recall that in March, Crypto.com revealed its intention to establish a regional office in Dubai. Now, the platform looks set to collaborate with the authorities through investopia to foster global financial innovation.
FTX launches operations in Japan
Similarly, a crypto derivatives exchange, known as FTX unveils its operations in Japan to service its Japanese users. The launching of the FTX Japan materialized after the platform secured a local liquidity crypto exchange in February. The CEO of FTX, Sam Bankman-Fried, affirmed that japan remains a highly regulated market.
Lastly, Bankman-Fried further that the country possesses a potential market size of about $1trillion in crypto trading. In terms of volume, FTX has now reportedly overtaken Coinbase to emerge as the second-largest centralized exchange. Recall that FTX in March expanded its business operations into the United Arab Emirates (UAE) after receiving a license to operate virtual assets in Dubai.
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