Crypto.com Acquires License In Dubai As Cronos (CRO) Price Slips
2023年11月15日 - 3:00AM
NEWSBTC
Crypto.com achieves yet another milestone with its recently
acquired license from Dubai’s regulatory authority to offer
services in the country by Dubai’s arm CRO DAX Middle East FZE.
Significance of Crypto.com Recent License According to the
announcement, Crypto.com Dubai’s entity acquired the coveted
Virtual Assets Service Provider (VASP) license from Dubai’s Virtual
Assets Regulatory Authority (VARA). This marks a major step for the
firm as it aims to extend its services worldwide. The recently
acquired VASP license will enable the firm to completely satisfy
selected conditions and localization requirements outlined by VARA.
In addition, it will allow the firm to launch operations, upon
receiving operational approval notice from the regulatory body.
Related Reading: Crypto.com Granted VASP Registration By Spain’s
Central Bank Furthermore, it will enable the firm to offer
regulated virtual asset service activities in the country. These
include exchange services, broker-dealer services, management and
investment services, and lending and borrowing services. These
services are accessible to retail and institutional users in the
market through the Crypto.com Exchange and Crypto.com App. The
announcement also saw the company highlighting Dubai as its
regional hub for the Middle East and Africa. According to
Crypto.com CEO Kris Marszalek, Dubai is one of the top markets for
creating effective regulation for the crypto space. “Dubai
continues to show it is a leading market when designing effective
regulation for the crypto space while still supporting adoption and
innovation,” the CEO stated. Since VARA released its specialized
regulations for virtual assets in February 2023, Crypto.com has
been working to be among the first virtual asset exchanges to
operationalize its VASP Licence. Finally, the firm’s aim has been
realized. “It is an incredible honor to be one of the first crypto
exchanges to be granted a Virtual Asset Service Provider Licence by
VARA,” Kris stated. The VASP license is one of the notable licenses
acquired by the company this year. In March, Crypto.com also
acquired an MVP Preparatory Licence from the Dubai regulatory
authority. Latest License Might Propel Cronos (CRO) Price Over the
past weeks, Cronos (CRO) has been seen as one of the
best-performing coins. CRO experienced an impressive 57% price
surge within the seven-day timeframe reaching the $0.1 mark. The
token outclassed some major cryptocurrencies in the top 100 ranking
over the weekend. However, the crypto asset seems to have lost its
momentum, as it fell from $0.1 to $0.088. According to
CoinMarketCap, CRO is currently down by over 5% in the past 24
hours. Related Reading: Snowfall Protocol (SNW), Shiba Inu (SHIB),
and Cronos (CRO) – The Best Cheap Cryptos to Buy Now So far,
Crypto.com’s recent milestones have not had any current impact on
CRO. Nonetheless, as the native token of Crypto.com, the license
could spark larger adoption for CRO, which might help CRO regain
its momentum. Featured image from AltcoinsBOX, chart by
Tradingview.com
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