Cryptocurrency exchange Crypto.com has received a provisional virtual license from Dubai’s Virtual Assets Regulatory Authority.
The exchange has announced that the regulator will do more due diligence on other mandated requirements before issuing a complete operating license.
Crypto.com announced in March that it would launch a regional office in the UAE’s largest city after the jurisdiction enacted laws in crypto to make it a crypto hub.
The UAE’s Minister of State for Foreign Trade, Thani Al Zeyoudi, says that the country believes that cryptocurrencies and blockchain technology will change the financial services sector.
The announcement comes as FTX launches in Japan to tap into the market potential of the island nation after it acquired the local Liquid crypto exchange in February.
Japan has enacted strict rules for cryptocurrency exchanges seeking to operate in the country, with the Financial Services Agency agreeing to make things tougher for the exchanges.