Dubai grants crypto.com provisional approval for crypto services and the watchdog approved the ambitions to enable crypto product services to the domestic investors so let’s read more today in our latest cryptocurrency news.
Crypto.com continues the global expansion by securing provisional approval from the Dubai regulators to provide a full range of crypto products and services in the region while also receiving the operating licnese once it fulfills the mandatory requirements in the near term. According to the reports, the Dubai Virtual Assets Regulatory Authority granted Crypto.com provisional approval to operate in the city.
The watchdog monitors the local digital asset sector and regulates the platform’s operations while also supervising the transactions to secure maximum protection for the investors. As Dubai grants crypto.com provisional approval, VARA explained that with it the exchange completed all necessary compliance checks and it will as a result be able to offer the products and services to consumers in Dubai under the supervision of the regulator.
The Minister of State for Foreign Trade Thani Al Zeyoudi outlined the UAE’s positive stance on the innovations like Blockchain technology and crypto:
“Through our Virtual Asset Regulatory Authority and other important initiatives, we are attracting companies to the UAE to build on this vision and enable technologies of the future to flourish here.”
Helal Saeed Almarri who is the Director of Dubai World Trade Centre Authority said that the local crypto industry is pleased to welcome the exchange into the growing family, envisioning the platform to become one of the main anchors of the sector. The CEO of the exchange Kris Marszalek believes that Dubai is the marekt of great importance and as such, the exchange is excited to extend its presence in the region. The trading venue put the name in the spotlight a few times and in the summer of 2021, it shook hands with Formula 1 to become the main partner of the tournament. Last year it even inked a $700 million deal with the Staples Center.
As recently reported, The Governemnt of Dubai is not planning on slowing down in its efforts to promote the development of the local industry and appeal to crypto enthusiasts. Dubai’s regulator announced the purchase of virtual land in the Sandbox metaverse which is meant for the development of virtual headquarters. According to the official statements, the VARA is stepping into the Metaverse to reach a “borderless audience” while improving social inclusion and being environmental sustainability by using fewer physical resources to manage the activities.
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