DUBAI: Virtual assets exchange Crypto.com’s Dubai entity CRO DAX Middle East FZE has received a licence from the city state’s regulator, subject to operational approval, the company said in a statement on Tuesday.

Once approved, the Virtual Assets Service Provider (VASP) licence will allow Crypto.com to offer various services in-market to retail and institutional investors, including exchange services, broker-dealer services, investment services, and lending and borrowing services, the statement said.

Dubai’s Virtual Assets Regulatory Authority (VARA) was formed in March 2022 to regulate the emerging virtual asset sector in the emirate - excluding the Dubai International Financial Centre - as it pushes to become a global hub for the industry and diversify its economy.

“Dubai continues to show it is a leading market when designing effective regulation for the crypto space while still supporting adoption and innovation,” Kris Marszalek, CEO of Crypto.com said.

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With more than 80 million customers globally, Crypto.com announced Dubai as its regional hub for the Middle East and North Africa in March 2022, following a trend of other major industry players gravitating towards the Gulf city state.