Crypto.com obtained MVP preliminary license from Dubai Virtual Assets Regulatory Authority
On March 20th, according to the official blog, Crypto.com announced that it had obtained a MVP preliminary license from the Dubai Virtual Assets Regulatory Authority (VARA). The MVP phase of the preparatory phase allows approved licensees to meet all the prerequisites necessary to conduct MVP market operations within the VARA system.
Interpretation of this information:
Crypto.com, a cryptocurrency exchange platform, has secured a major milestone towards obtaining full licensing as per the regulations by the Dubai Virtual Assets Regulatory Authority (VARA). On March 20th, Crypto.com officially announced that it has obtained a MVP preliminary license from VARA. This license is the first step towards obtaining the full license required to operate within the dimensions of VARA’s regulatory framework.
The MVP license is crucial as it allows approved licensees to carry out a range of activities. These activities include the buying & selling of cryptocurrencies, the issuance of tokens, the storage of private electronic keys, handling of virtual assets, as well as activities related to hosting initial coin offerings (ICO). In addition, it permits the licensee to conduct pilot operations on a limited scale, to refine their business model and to test out their products in a controlled environment.
Crypto.com’s MVP license marks a significant achievement as it gives the platform permission to conduct activities on a trial basis under the supervision of VARA. This deal enables Crypto.com to conduct test activities within VARA licensed framework fully. The license cements Crypto.com’s commitment to complying with global, national, and regional regulatory standards that safeguard the interests of the crypto industry’s various players.
In conclusion, the crypto exchange platform Crypto.com announced that it secured a MVP preliminary license from VARA, which permits the company to conduct a range of activities within the regulatory authority’s framework. With this license in hand, Crypto.com can test activities on a limited basis, refine its processes, and ensure they align with the standards set by VARA. The move is a significant step towards obtaining the final license allowing the platform to operate fully with ease.
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