Singapore-based crypto platform Crypto.com has received its minimal viable product (MVP) Preparatory License from Dubai’s Virtual Assets Regulatory Authority (VARA), the firm announced on Monday.

The MVP license involves a three-stage process of a provisional permit, a preparatory license and an operating license. Crypto.com is in the second stage of the process.

"Once licensed to be operational, Crypto.com will be able to extend its approved suite of duly regulated virtual assets activities spanning a range of crypto exchange services (spot and derivatives), brokerage, margin/leverage trading, and OTC offerings around settlements for institutional investors," the announcement said.

(By Amitoj Singh)