Crypto.Com has acquired authorization to allow Dubai residents to trade Shiba Inu, and other prominent cryptocurrencies via its platform.
The exchange announced securing a green light from the Dubai authority in a recent blog post and via its official X account.
Crypto.Com License and Shiba Inu Trading Commencement
Crypto.com’s Dubai sister arm, CRO DAX Middle East FZE, has successfully secured a Virtual Assets Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA).
The VASP permission, although pending operational approval, is specific to defined virtual asset service activities. The license is contingent upon Crypto.com meeting predefined conditions and localization requirements.
Upon receiving the regulatory endorsement notice, operational activities are set to commence. This milestone empowers Crypto.com to offer a range of regulated crypto services, including exchange services, investment, broker-dealer, management, lending, and borrowing services.
These services will cater to both retail and institutional users, accessible through the Crypto.com App and Crypto.com Exchange. Notably, Dubai residents will gain regulated exposure to crypto assets like.
It’s important to note that Crypto.com listed SHIB in May 2021, responding to the digital asset’s increasing popularity. With the imminent confirmation of its license from Dubai authorities, locals will soon be able to exchange Shiba Inu and other supported digital assets, including Bitcoin, on Crypto.com platforms.