Global adoption of cryptocurrencies continues unabated. Now states also accept the existence of the crypto world. In a recent development, crypto exchange CryptoCom, which has cryptocurrencies such as SHIB, XRP and BTC on its list, has received the necessary approvals to operate in Dubai.
Dubai authorities gave green light to CryptoCom!
cryptokoin.com As we reported, Singapore-based famous exchange platform CryptoCom has received the necessary authorization to allow Dubai residents to buy and sell SHIB, LINK, Bitcoin and other leading cryptocurrencies through its platform. The exchange announced through its official X account that the Dubai authority gave the green light. In this context, CryptoCom shared the following statement:
Crypto.com is proud to announce that we have obtained a Virtual Asset Service Provider License, pending operational approval from Dubai’s Virtual Assets Regulatory Authority, enhancing our position in the UAE market.
https://t.co/vCNztATkNg is proud to announce that we have been granted a Virtual Asset Service Provider Licence pending operational approval from Dubai's Virtual Assets Regulatory Authority, building on our position in the #UAE market.
Learn more:https://t.co/0anXDLsxTv pic.twitter.com/SgcqSTSqux
— Crypto.com (@cryptocom) November 14, 2023
CryptoCom’s Dubai license and start of SHIB trading
According to the statement, sister organization “CRO DAX Middle East FZE” in Dubai has received a Virtual Assets Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). Meanwhile, the exchange stated in the announcement that the VASP permit is awaiting operational approval from VARA. The report noted that the company obtained its VASP license for certain cryptocurrency service activities. It also stated that the license is contingent on CryptoCom meeting predefined conditions and meeting localization requirements.
As a result, the company announced that operational activities will begin after receiving an approval notification from the regulatory body. The exchange also stated that once it receives the approval, it will be authorized to provide regulated crypto services. These include stock market services, investment, broker-dealer, management, lending and borrowing services. According to the announcement, these services will appeal to individual and corporate users. Additionally, it will be possible to access the services through the Crypto.com App and the Crypto.com Exchange. As a result, Dubai residents will have access to assets such as SHIB on a regulated exchange.
It is worth noting that CryptoCom listed Shiba Inu (SHIB) in May 2021 following the growing popularity of the digital asset. With the expected final approval of its license from the Dubai authority, locals will be able to buy and sell Shiba Inu as well as other supported digital assets such as Bitcoin on CryptoCom’s platforms.
Journey to CryptoCom VASP
Meanwhile, CryptoCom emphasized that the journey towards the final operational permit follows previous milestones. The company received its MVP Provisional License in June 2022 and its MVP Preparatory License in March 2023. Additionally, the Singapore stock exchange declared Dubai as its regional hub for the Middle East and North Africa in March 2022.
