Following Crypto.com’s submission of the required documents that outlined its assurance of compliance checks, the cryptocurrency exchange based in Singapore announced that the Dubai Virtual Assets Regulatory Authority (VARA) has granted them provisional approval for its Virtual Asset MVP License.

The exchange said that before the license for full operation is issued, VARA will check out with due diligence the other requirements, and they are expecting this to happen in the “near future.” Also, there will be additional products and services offered by the company to both consumers who are qualified and institutional investors.

Thani Al Zeyoudi, the UAE Minister of State for Foreign Trade, said in the announcement that the country believes “cryptocurrencies, virtual assets and blockchain will bring about a revolution in the financial  sector.” While adding that they will be looking forward to attracting companies to the UAE who will help them build on this vision and give the technologies of the future a platform to flourish in the Nation.”

Featured image source: lockworks.co