Crypto.com obtains a license in Dubai as VASP, impacting Cronos (CRO) at $0.08 with DAX Middle East FZE as its CRO company.
Crypto.com declared that it has acquired a licence in Dubai to operate as a virtual asset service provider (VASP). Cronos (CRO) drops down to $0.08 after the cryptocurrency exchange reveals DAX Middle East FZE as its CRO company.
Dubai grants a virtual asset service provider licence to Crypto.com
Crypto.com, the cryptocurrency exchange that is sponsoring the 2022 FIFA World Cup in Qatar, has said that it has acquired its VASP licence in Dubai.
In reality, the Dubai Virtual Asset Regulatory Authority (VARA) actually awarded this licence to Crypto.com’s Dubai subsidiary, CRO DAX Middle East FZE.
In particular, the crypto-exchange will be permitted to begin operations as soon as the regulatory body notifies it that it has received operating approval.
Crypto.com will be able to provide regulated virtual asset services, including as exchange, broker-dealer, management and investment, lending, and borrowing services, with the new VASP licence.
In this context, Crypto.com CEO Kris Marszalek stated:
“It is an incredible honour to be the one of the first crypto exchanges to be granted a Virtual Asset Service Provider Licence by VARA, and it further proves our company’s commitment to security and compliance.
Dubai continues to show it is a leading market when designing effective regulation for the crypto space while still supporting adoption and innovation. We are excited to showcase more of our industry-leading products to customers across permissible jurisdictions from Dubai, and look forward to working with regulators contributing to this thriving ecosystem.”
Cronos (CRO) is back at $0.08 as Crypto.com grows in Dubai
The latest report from Crypto.com does not appear to be driving up the price of Cronos (CRO). Indeed, observing the weekly chart of the cryptocurrency, the price curve appears to be creating a “mountain,” reaching a top of $0.12 on November 11.
As a result, as of this writing, CRO has recovered to $0.08, however it is still in a +15% pump from one week ago.
Cronos (CRO), which has a $2.23 billion market capitalization, is still ranked thirty-first among cryptocurrencies.
In the past 24 hours, CRO’s transaction volume has also declined dramatically, reaching -35%.
TheCryptonomist spoke with Cronos Lab CEO Ken Timsit in September of last year.
Timsit had highlighted how the long-standing collaboration between Crypto.com and the Cronos blockchain was a potent engine when it came to introducing new people to Web3 in a simple, safe, and legal manner.
Even Ripple and Binance
Popular cryptocurrency exchange Binance also made the announcement that it has acquired a fresh licence to conduct business in Dubai in late July of this year.
Being the first regulated cryptocurrency exchange for virtual assets in the UAE, it held an MVP licence.
In contrast to Crypto.com’s VASP licence, Binance was granted an Operational Minimum Viable Product licence, which allowed it to provide virtual asset exchange services in any case.
The announcement that Ripple (XRP) had received approval from businesses licenced by the Dubai International Financial Centre (DIFC) was, however, much more recent. These businesses can include XRP in their cryptocurrency offerings.
