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. Once it meets all of its requirements, the company will be granted its operating license.
According to a document that was 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. It will now be able offer its services and products to Dubai consumers under close supervision by 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.
Over the past few months, this trading venue has been featured in numerous media outlets. It became the Inaugural Partner and Global Partner of Formula 1 during the summer of 2021.
In November, the Staples Center signed a $700 million agreement. In response, CryptoCom Arena was named the home of The Los Angeles Lakers.