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Singapore exchange receives Dubai license in boost to UAE's scene

Cryptocurrency firms are continuing to move to the United Arab Emirates despite regulatory challenges and the market crash.
KARIM SAHIB/AFP via Getty Images announced on Tuesday it has received permission to operate in Dubai, further strengthening the United Arab Emirates’ cryptocurrency scene.

The Singapore-based cryptocurrency exchange said in a press release that its Dubai-based entity, CRO DAX Middle East FZE, had received a Virtual Assets Service Provider License from the Virtual Asset Regulatory Authority.

The license is subject to satisfying certain conditions from VARA, including “localization” requirements. Following approval, the company will be able to offer exchange, broker-dealer and investment services in the emirate, according to the release.

VARA provides a regulatory framework for cryptocurrency and related industries in Dubai, excluding the Dubai International Financial Center.

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