Cregis Custody receives in principle approval from VARA Dubai

Cregis Custody FZE today announced that it has received In-Principle Approval (IPA) from Dubai’s Virtual Assets Regulatory Authority (VARA) despite the fact that VARA Dubai has still not made this public on its website.

As per Cregis’s announcement on the granting of the full license approval, Cregis Custody FZE will be able to provide regulated digital asset custody services to qualified clients, including secure asset safekeeping, account segregation, governance controls, transaction workflows and compliance monitoring.

Cregis Custody FZE, is a seperate legal entity owned by Cregis which supports more than 4,000 businesses in managing digital asset workflows across 50 countries including financial institutions, payment service providers (PSPs), trading firms, fintech and Web3 businesses. The company operates across Asia, the Middle East and Latin America.

Richard Meng, Co-Founder of Cregis and CEO of Cregis Custody FZE, notes that as digital asset markets are maturing there is increasing demand from financial institutions and traditional businesses. He explains, “This trend is a key reason we decided to pursue regulated custody capabilities through VARA.”

Cregis Custody will continue to work towards a complete license as the company believes the Middle East and Dubai have become a strategic hub for institutional digital asset activity.

Today both ARP Digital and DVA Crypto Exchange received full licenses from VARA Dubai.