CryptoCom continues its global expansion by securing provisional approval from Dubai’s regulators to provide a full range of cryptocurrency products and services in the city. It will receive its operating license once it fulfills all its mandatory requirements in the near term.
According to a document shared with CryptoPotato, Dubai Virtual Assets Regulatory Authority (VARA) granted CryptoCom provisional approval to operate in the UAE’s most populous city.
Established earlier this year, the watchdog monitors the local digital asset sector, regulates platforms’ operations, and supervises transactions to secure maximum protection for investors.
VARA explained CryptoCom’s approval with the fact that the exchange completed all necessary compliance checks. As a result, it will be able to offer its products and services to consumers in Dubai under the close supervision of the regulator.
Thani Al Zeyoudi – Minister of State for Foreign Trade – outlined the UAE’s positive stance on innovations like blockchain technology and cryptocurrencies:
“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,” the politician added.
For his part, Helal Saeed Almarri – Director General of Dubai World Trade Centre Authority – said the local crypto industry is “pleased” to welcome CryptoCom into its growing family. He envisioned the platform to become “one of the anchors” of the sector.
Kris Marszalek – Co-Founder and CEO of the exchange – believes Dubai is a market of “great importance,” and as such, CryptoCom is excited to extend its presence to that region.
The trading venue has put its name in the spotlight numerous times in the past several months. In the summer of 2021, it shook hands with Formula 1 to become the Global Partner and Inaugural Partner of the tournament.
In November, it inked a $700 million deal with the iconic Staples Center. As a result, the home ground of The Los Angeles Lakers was renamed to CryptoCom Arena.