Crypto.com announced that it has obtained a virtual asset service provider (VASP) license in Dubai. As the crypto-exchange announces its CRO entity DAX Middle East FZE, Cronos (CRO) returns to $0.08.
Summary
Crypto.com gets Dubai virtual asset service provider license
The crypto-exchange sponsor of the 2022 FIFA World Cup in Qatar, Crypto.com, announced that it has obtained its VASP license, namely as a virtual asset service provider, in Dubai.
In practice, Crypto.com’s Dubai entity, CRO DAX Middle East FZE, was granted such a license directly from the Dubai Virtual Asset Regulatory Authority (VARA).
Specifically, the crypto-exchange will be able to start operations after notification of operational approval from the regulatory authority.
With the new VASP license, Crypto.com will be able to offer regulated virtual asset service activities, including exchange, broker-dealer, management and investment, lending and borrowing services.
In this regard, Kris Marszalek, CEO of Crypto.com said:
“It is an incredible honour to be the one of the first crypto exchanges to be granted a Virtual Asset Service Provider Licence by VARA, and it further proves our company’s commitment to security and compliance.
Dubai continues to show it is a leading market when designing effective regulation for the crypto space while still supporting adoption and innovation. We are excited to showcase more of our industry-leading products to customers across permissible jurisdictions from Dubai, and look forward to working with regulators contributing to this thriving ecosystem.”
Crypto.com expands in Dubai as Cronos (CRO) returns to $0.08
Crypto.com’s current news, it seems, does not revive the price of Cronos (CRO). And in fact, looking at the crypto’s weekly chart, the curve related to the price seems to be drawing a “mountain,” with its peak touched $0.12 on 11 November.
Hence, at the time of writing, CRO has returned to $0.08, although it remains in a +15% pump from a week ago.
Cronos (CRO) remains in the 30th position in the crypto rankings, with a total market cap of $2.23 billion.
In the past 24 hours, CRO’s transaction volume has also dropped significantly, by -35%.
Last September, TheCryptonomist interviewed Ken Timsit, CEO of Cronos Lab.
Timsit had emphasized how the long-term partnership between Cronos blockchain and Crypto.com was a powerful engine when it comes to bringing new users to Web3, in an easy, secure and compliant way.
Even Binance and Ripple
It was late July of this year when popular crypto-exchange Binance also announced that it had obtained its new license to operate in Dubai.
It was an MVP license , making it the first regulated crypto-exchange for virtual assets in the UAE area.
Unlike Crypto.com’s VASP license, the license Binance obtained was the Operational Minimum Viable Product, which made it eligible to operate virtual asset exchange services anyway.
Much more recent, however, was the news of Ripple (XRP) gaining approval from Dubai International Financial Centre (DIFC) licensed companies. Such companies can incorporate XRP into their crypto services.
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