- Dubai Virtual Assets Regulatory Authority (VARA) approves CryptoCom to offer a variety of cryptocurrency services and products in Dubai.
- Once CryptoCom fulfills all its mandatory requirements in the near term, it will receive its operating license.
- Dubai Virtual Assets Regulatory Authority (VARA), established last year, supervises the local digital asset sector and regulates platforms’ operations.
Dubai regulators granted provisional approval to CryptoCom hence facilitating its global expansion. The crypto exchange will now be able to offer a variety of cryptocurrency services and products. Once it fulfills all its mandatory requirements in the near term, it will get its operating license.
As per the latest reports, CryptoCom got the provisional approval from Dubai Virtual Assets Regulatory Authority (VARA) to run in the UAE’s most populous city.
The organization, created only earlier this year, supervises the local digital asset sector along with transactions to ensure maximum protection for investors and regulates platforms’ operations.
Further revealing, VARA stated that the approval is given on the condition that CryptoCom does all the necessary checks. Now, the platform will be able to offer its product and services to consumers in Dubai under the regulator’s close watch.
Minister of State for Foreign Trade, Thani Al Zeyoudi highlighted the optimistic take of the UAE on innovations such as blockchain technology and cryptocurrencies.
The politician further added that they are attracting businesses to the UAE to take this vision forward and allow future technologies to grow here, using their important initiative including Virtual Asset Regulatory Authority.
Moreover, Director General of Dubai World Trade Centre Authority, Helal Saeed Almarri, stated that the “local crypto industry” warmly welcomes CryptoCom into its expanding family. Through the platform, he aims to become “one of the anchors” of the sector.
Co-Founder and CEO of the exchange, Kris Marszalek, believes a market holds a great significance and also shared his excitement regarding extending its presence to that region.
Over the last several months, the name of the platform was heard many times in the media. Last summer, it collaborated with Formula 1 to become the Global Partner and Inaugural Partner of the tournament.
It signed a deal worth $700 million with the iconic Staples Center in November. As a consequence, the home ground of The Los Angeles Lakers’ name was changed to CryptoCom Arena.
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Source: https://www.thecoinrepublic.com/2022/06/05/dubai-regulators-grants-provisional-approval-to-cryptocom-to-offer-crypto-services/