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Dubai grants temporary approval to “CryptoCom” to provide crypto services

Dubai grants temporary approval to “CryptoCom” to provide crypto services

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Answer Dubai grants temporary approval to “CryptoCom” to provide crypto services

CryptoCom continues its global expansion by expanding into new geographies, most recently receiving temporary approval from regulators in Dubai to offer a full range of cryptocurrency products and services in the city.

CryptoCom will get its operating license once it fulfills all its mandatory requirements in the near term.

Dubai Virtual Asset Regulatory Authority (VARA) has granted approval to CryptoCom temporarily to operate in the most populous city in the United Arab Emirates.

The Dubai Virtual Asset Regulatory Authority (VARA) was established earlier this year, and it monitors the local digital asset sector, regulates platform operations, and oversees transactions to ensure maximum investor protection.

VARA made clear its approval of CryptoCom with the fact that the company has completed all necessary compliance checks.

Read:A new cryptocurrency surged 1633% in four days… Ethereum founder comments about it

As a result, it will be able to offer its products and services to consumers in Dubai under the strict supervision of the regulator.

Mr. Thani Ahmed Al Zeyoudi, Minister of State for Foreign Trade, explained the UAE’s positive stance on innovations such as blockchain technology and cryptocurrencies, and added:

Through the Virtual Asset Regulatory Authority and other important initiatives, we are attracting companies to the UAE to build on this vision and enable future technologies to thrive here.

For his part, Helal Saeed Al Marri, Director General of the Dubai World Trade Center Authority, said:

The local crypto industry is pleased and welcomes “CryptoCom” into its growing family.

CryptoCom co-founder and CEO Chris Marsalek believes that Dubai is a very important market, and as such, CryptoCom is excited to expand its presence in the Arab region.

The CryptoCom company has put its name in the spotlight several times in the past several months.

In the summer of 2021, it announced its partnership with Formula 1 to become the Global Partner and inaugural partner of the championship.

Last November, she signed a $700 million deal with the famous Staples Center.

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As a result, The Los Angeles Lakers stadium was renamed the CryptoCom Arena.

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