Crypto AdoptionCryptocurrencyCryptocurrency RegulationNews Obtains  Virtual Asset Service Provider Licence in Dubai

In the recent turn of events, Dubai has profiled itself as a crypto-ready country in the Middle East, captivating the interest of global crypto exchanges and fintech companies to flock to the region. On Tuesday, the Singaporean crypto exchange became Dubai’s new entrant after receiving the virtual assets service providers (VASP) license.  

In a blog post dated November 14, confirmed it had met the pre-operation requirement set by the Virtual Assets Regulatory Authority (VARA). This exciting development aligns with pursuit to obtain the necessary licenses to operate as a compliant company in Dubai. 

VARA Approves VASP License

In March, VARA approved the minimal viable product (MVP) submitted by Dubai office CRO DAX Middle East FZE. The approval of the MVP license inspired the crypto exchange to proceed with the other licensing processes in pursuit of gaining a considerable market share in the gulf country.

However, based on the Full Market Product (FMP) rules defined by VARA, must undergo three licensing stages. It implies that the crypto exchange must meet the compliance requirement for a provisional permit, preparatory and operating license.


 The crypto exchange admitted that it has been working diligently to become the first company to obtain the VASP license in Dubai. The approval of the VASP license demonstrates’s commitment to complying with the VARA’s new rules for virtual assets. 

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In an earlier announcement, revealed plans to establish a regional hub in Dubai to support its operation in the Middle East and North Africa (MENA) zone. This development has inspired the crypto exchange to prioritize meeting the VARA requirement to expand its market presence in Dubai. Seeks to Establish a Regional Hub in Dubai

 Currently, the Singaporean crypto exchange has completed the second phase of the licensing process. In the final stage, the team will apply for an operating license to offer a wide range of crypto services, including brokerage and dealership crypto services, to retail and institutional clients. 

In the announcement, the crypto exchange has revealed plans to proceed to the third licensing stage to expand its product offering by introducing exclusive investment, borrowing and lending services to the Dubai users.

At this stage, must meet the localized requirements to protect the consumer interest and uphold compliance. After securing the operating license, the crypto exchange will offer its product and services on the application or through the Dubai exchange.

Suitability of Dubai Crypto Market

An announcement conveyed by the chief executive of, Kris Marszalek, demonstrated that the crypto exchange was the first to secure a VASP license in Dubai. The CEO stated the approval of the VASP license demonstrated the commitment of to meet the existing security and compliance measures in the Middle East country. 

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Reflecting on the comprehensive framework for crypto assets, Marszalek admitted that Dubai has adopted a distinctive regulatory approach to supervise the digital sector. He added that the existing regulation on virtual assets seeks to promote innovation and concurrently push for mainstream adoption of crypto assets in the region. 

The CEO pledged to work closely with the Dubai regulators to redefine the crypto industry in Middle East. Beyond this, the executive was pleased to state the approval of the VASP license allows to introduce its “industry-leading products and services” in Dubai.

Editorial credit: rafapress /

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Kimberly Crain

Kimberly Crain is a seasoned crypto trader and writer, offering valuable insights into the digital asset market. With expertise in trading strategies and a passion for blockchain technology, her concise and informative articles empower readers to navigate the evolving world of cryptocurrencies.

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