Crypto-com, a centralised cryptocurrency exchange, has received preliminary permission to operate from the Dubai Virtual Asset Regulatory Authority (VARA). According to a statement, the MVP licence was issued after a thorough check of KYC/AML documentation, personnel and procedures.
Chris Marszalek, chief executive of the crypto exchange, said: "We will continue to work with regulators to provide our customers with the most trusted and secure digital asset experience."
Furthermore, VARA stated that the participation of reliable players contributes to their goal of "creating an advanced and forward looking regulatory structure".
Huobi, OKX, Blockchain.com and Binance previously received satisfactory resolutions.
In February this year, Binance CEO Changpeng Zhao urged entrepreneurs to think about moving to countries with more favourable regulation - among them he named Dubai, Bahrain and France.
In December 2022, the Central Bank of Brazil issued Crypto-com a licence to become a payment institution.