Crypto.com has revealed that it has received a minimal viable product (MVP) preparatory licence from Dubai’s Virtual Asset Regulatory Authority (VARA), as stated by Cointelegraph.
According to Cointelegraph, the development happened post the exchange receiving provisional approval from the Dubai regulator in 2022. Reportedly, the MVP licence permits the exchange to comply with conditions needed to function within given VARA rules. It’s believed that companies are not allowed to promote any virtual asset activity in Dubai, unless authorised and licensed by VARA.
Based on information by Cointelegraph, Crypto.com was given MVP preparatory approval after a review conducted around the exchange. Sources suggest that the review included parameters such as key personnel, governance procedures, Anti-Money Laundering and Countering the Financing of Terrorism capabilities, Know Your Customer policies and procedures, ultimate beneficial owner policies and procedures, compliance practices, and cross-border safety measures.
Moreover, Cointelegraph noted that Henson Orser, CEO, VARA, highlighted that addition of Crypto.com would enable the platform in its aim to establish a regulatory framework.
(With insights from Cointelegraph)