Crypto.com has become the latest cryptocurrency exchange Cryptocurrency Exchange A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f Read this Term to receive a Minimal Viable Product (MVP) Preparatory license from Dubai's Virtual Asset Regulatory Authority (VARA).

New MVP License for Crypto.com

The new license was received after the exchange obtained provisional approval from the regulator in Dubai last year. In the preparatory stage, the MVP license allows the exchange to fulfil the conditions to operate within the VARA Regime.

Under the new Dubai license, Crypto.com will be allowed to offer spot and derivatives instruments of virtual assets. The offerings can include exchange services, brokerage, margin or leverage Leverage In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders Read this Term trading, and OTC offerings around settlements for institutional investors.

We’re proud to announce our latest milestone in global regulatory compliance and licensure.https://t.co/vCNztATSCO has secured its MVP Preparatory License from the Virtual Asset Regulatory Authority in Dubai. 🇦🇪

Learn more:https://t.co/ApmdXpUBI3 pic.twitter.com/iwYCznyYXQ

— Crypto.com (@cryptocom) March 20, 2023

"We are pleased to welcome Crypto.com to the MVP Programme preparatory phase," said Henson Orser, the Chief Executive Officer of VARA. "VARA's regulatory framework will be instrumental in creating and managing a unique, resilient, and securely future-proofed ecosystem that delivers a sustainable and thriving global best-in-class VA market with secure cross-border interoperability. As such, participation from credible players like Crypto.com will further our mission of delivering a progressive and future-focused regulatory framework."

Dubai Becoming a Crypto Hub

VARA was established last March under the Dubai Virtual Asset Regulation Law, aiming to push Dubai into becoming one of the global crypto hubs. The move was successful as several big crypto brands have established their presence in the Middle Eastern city.

Earlier, Binance gained the MVP license as the exchange has been changing its operational strategies and secured several regulatory licenses.

Meanwhile, Crypto.com is strengthening its presence globally. Established in 2016, the exchange now has over 80 million users. The exchange is authorized and licensed in most major markets, including the United Kingdom, France, Italy, and several others. Moreover, it became Brazil's first crypto exchange to gain a payment institution license.

"[Gaining of MVP Prepatory license] is the next significant step for Crypto.com in an incredibly important market for our business and industry," said the CEO of Crypto.com, Kris Marszalek. "With the MVP preparatory license, we look forward to continuing to work with regulators in providing customers the most comprehensive and secure crypto experience."