Posted 11/14/2023, 6:08:00 AM
Crypto.com Gains Key License Approval in Dubai Despite Recent Setbacks
- Crypto.com granted license to operate virtual asset services in Dubai.
- License granted to CRO DAX Middle East, Dubai entity of Crypto.com.
- CRO DAX received preparatory approval from Dubai's VARA in March.
- Receiving full license involves 3 stages - provisional, preparatory, operating.
- Crypto.com now in stage 3 but needs to meet conditions to operate.
- Will provide exchange, broker, management, lending services after approval.
- Crypto.com completed licensing in Singapore in June.
- Other regulatory wins in Netherlands, UK, France, Brazil.
- But workforce cuts and fiat on-ramp issues recently.
- Dubai mandated licensing for crypto firms in Feb 2023.