Renowned Singapore-based exchange platform CryptoCom has acquired the necessary authorization to allow Dubai residents to trade Shiba Inu, Bitcoin, and other prominent cryptocurrencies via its platform.
The exchange announced securing a green light from the Dubai authority in a recent blog post and via its official X account.
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 Dubai License and Shiba Inu Trading Commencement
According to the statement, the Dubai sister arm “CRO DAX Middle East FZE” secured a Virtual Assets Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA).
Meanwhile, the notification stated the VASP permission is pending operational approval from VARA. The report noted that the company obtained the VASP license for specified virtual asset service activities. Moreover, it mentioned the license is contingent upon CryptoCom meeting predefined conditions and fulfilling localization requirements.
As a result, the company clarified that operational activities are slated to commence after receiving an endorsement notice from the regulatory body.
Furthermore, the exchange mentioned that upon receiving the anticipated endorsement, it becomes empowered to provide regulated crypto services. These include exchange services, investment, broker-dealer, management, lending and borrowing services.
According to the notification, these services will cater to retail and institutional users. Also, it mentioned that the services will be accessible through the Crypto.com App and Crypto.com Exchange. As a result, Dubai residents would have regulated exposure to assets such as Shiba Inu.
It is worth mentioning that CryptoCom listed Shiba Inu in May 2021 following the rising popularity of the digital asset. With the expected final confirmation of its license from the Dubai authority, locals can exchange Shiba Inu alongside other supported digital assets like Bitcoin on CryptoCom’s platforms.
CryptoCom Journey to VASP
Meanwhile, CryptoCom highlighted that the journey toward this final operational clearance follows its previous milestones. The company acquired its MVP Provisional License in June 2022 and MVP Preparatory License in March 2023. Besides, the Singaporean exchange declared Dubai its regional hub for the Middle East and North Africa in March 2022.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
-Advertisement-
