Crypto.com announced that it had obtained a minimum feasible goods (MVP) preparation license granted by the Dubai Virtual assets Authority (VARA).

The start-up license will be issued after the exchange received temporary permission from Dubai regulators in 2022. During the startup phase, the MVP license allows the exchange to meet the standards that operate within the set VARA standards. The standard requires that unless certified and approved by VARA, all companies cannot make any virtual asset-themed activities in Dubai based on marketing and concessions, nor can they demonstrate all virtual asset-themed activities.

Founded in March 2022, Dubai VARA is responsible for the regulation, regulation and regulation of virtual assets and virtual asset-themed activities in all regions of the Dubai emirate, including special economic development zones and free zones, but excluding the Dubai financial center.

In the start-up phase, the MVP link allows approved licensees to meet all the prerequisites needed to carry out MVP marketing under the VARA system. Once the license comes into effect, Crypto.com will be able to provide spot trading and derivatives-specific instruments for virtual assets. Such products will include exchange services, brokers, margin or leveraged stocks, as well as the settlement of over-the-counter transactions closely around investors.

After conducting a comprehensive review of its exchange according to the publicity, Crypto.com won the MVP preparation license. Verification includes key staff, regulatory procedures, compliance management and capacity to combat and support terrorist organizations, current policies and processes for your customers, current policies and procedures for the ultimate beneficiaries, compliance management methods and cross-border e-commerce security precautions.

VARACEOHenson Orser explained that VARA's regulatory approach would help create a strong and resilient ecosystem that would provide an extraordinary market for the sale of virtual assets with secure international operations. It concluded that the inclusion of companies such as Crypto.com would push it to build a forward-thinking regulatory framework.

Recently, Crypto.com has been trying to expand its business processes around the world. The exchange has been authorized and approved in most core markets, including the United States, France, Italy and some other countries. It also got the license plate of the order collection agency in Brazil.

Earlier, Binance won the MVP license plate as the exchange changed its operating strategy and obtained a number of regulatory license plates.