On Monday, Crypto.com, a cryptocurrency platform based in Singapore, announced that it has obtained a Preparatory License for its minimal viable product (MVP) from the Virtual Assets Regulatory Authority (VARA) in Dubai.
The MVP license is a three-stage process that includes a provisional permit, a preparatory license, and an operating license, with Crypto.com currently in the second stage. When the license is granted for operational use, Crypto.com will be authorized to provide a range of regulated virtual asset activities, including crypto exchange services (both spot and derivatives), brokerage, margin/leverage trading, and OTC offerings for institutional investors.
Dubai recently introduced its crypto regulatory framework, which mandates that all crypto-related entities seek appropriate authorization and licenses, along with four mandatory rulebooks for service providers and seven activity-based rulebooks.