Crypto.com granted Dubai crypto license

approval

The license is pending operational approval and allows Crypto.com’s Dubai entity to offer exchange, broker-dealer, and lending and borrowing services.

Crypto exchange Crypto.com’s Dubai entity was granted a Virtual Assets Service Provider (VASP) license by the city’s regulator, pending operational approval.

In a Nov. 14 press release, Crypto.com said that once fully approved by Dubai’s Virtual Assets Regulatory Authority (VARA), its local business CRO DAX Middle East FZE can offer retail and institutional investors exchange, broker-dealer, and lending and borrowing services.

https://t.co/vCNztATkNg is proud to announce that we have been granted a Virtual Asset Service Provider Licence from Dubai's Virtual Assets Regulatory Authority, building on our position in the #UAE market.

Learn more:https://t.co/0anXDLsxTv pic.twitter.com/EcgXCGEkMm
— Crypto.com (@cryptocom) November 14, 2023

Crypto.com CEO Kris Marszalek said in a statement that it looks forward to working with regulators to contribute to Dubai’s crypto industry and said the city is a “leading market when designing effective regulation.”

In March 2022, the exchange pinned Dubai as its Middle East and North Africa hub. It received a provisional license from VARA in June 2022, followed by a minimal viable product (MVP) preparatory license in March this year.

With United States regulators taking action against crypto firms, Dubai has become a sought-after destination for crypto businesses seeking legal clarity — with many firms eyeing the crypto-friendly jurisdiction as an emerging digital assets hub in the Middle East.

Binance Dubai General Manager Alex Chehad said that unlike the U.S., Dubai and the United Arab Emirates have provided a clear regulatory framework for crypto firms to follow, which made it easier for large companies like Binance to establish permanent headquarters in the region.

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Circle

Crypto.com and Circle's partnership enabled U.S. dollar deposits and receiving USDC for users in more than 30 countries.

Digital asset exchange platform Crypto.com opened a new U.S. dollar fiat on-ramp thanks to a new partnership with global payment provider Circle, according to a June 28 announcement.

The partnership between Crypto.com and Circle enables users in over 30 countries to deposit dollars from their bank account and receive USD Coin (USDC), a popular dollar-pegged stablecoin at a 1:1 ratio.

Crypto.com’s trading platform has over 50 pairs with USDC, which means that they will be able to buy Bitcoin (BTC), Ether (ETH) and other cryptocurrencies with their stablecoin. Dollar withdrawals will be enabled in the near future, the announcement reads.

Crypto exchanges use fiat-to-crypto payment gateways, also known as onramps, to enable users to add funds from their bank accounts using fiat money like U.S. dollars and euros. Users can then use those funds to buy crypto on the platform.

Users need to transfer their dollars with a unique code provided by Circle when making deposits, the announcement details. “Circle will take care of the processing, storage, and USD-to-USDC conversion. Users will then receive their funds in their Crypto Wallet within three business days.”

Noting that transferring fiat money into crypto exchanges has been an arduous process, Crypto.com co-founder and CEO Kris Marszalek said that the partnership with Circle aims to provide smoother money transfer solutions to the platforms' users.

“This partnership will fuel crypto adoption globally and is another example of how innovators continue to break down barriers between traditional finance and the future of payments,” Circle co-founder and CEO Jeremy Allaire added.

Circle recently started a new initiative called The Circle USDC Institutional Trading Program, which allows high-volume trading firms, crypto exchanges and market makers to access Circle APIs for automated infrastructure to issue and redeem USDC.

Last year, Visa picked Circle to make USDC transactions compatible with certain credit cards and facilitate USDC transactions between cross-border Visa-friendly companies.

cryptocom