The platform is now in the second stage of a three-state licensing process.

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.

Obtaining license involves three stages, including getting 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 (over-the-counter) offerings around settlements for institutional investors,” the announcement said.

“We are pleased to welcome Crypto.com to the MVP Programme preparatory phase,” VARA CEO Henson Orser said in the statement. “As such, participation from credible players like Crypto.com will further our mission of delivering a progressive and future-focused regulatory framework.”

Dubai recently unveiled its crypto regulatory framework that included a set of rules for all crypto companies and required the companies to get a licenses in order to operate in the country legally.

The past few months have seen Crypto.com go from the highs of successful approvals to operate in France and Brazil to a banned advertisement in the U.K., workforce cuts and difficulty maintaining fiat on-ramps during the current banking crisis.

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It’s the second approval this week in that region for the crypto exchange.

Binance, the world’s largest crypto exchange by trading volume, has obtained a license to operate in Dubai as a virtual asset service provider.

“Binance is appreciative of being awarded this license in such a progressive regime, targeting uncompromised governance and market security,” said founder and CEO Changpeng Zhao.

Earlier this month, Dubai’s ruler announced the creation of a regulatory and licensing authority as the emirate looks to become a major global player in the digital asset industry. Bloomberg one week ago reported Binance as nearing approval there.

Under the initial regulatory phase of having a Virtual Asset License, Binance will be able to offer limited exchange products and services to pre-qualified investors and professional financial service providers. Regulators will closely monitor operations with an eye towards eventually opening access to the retail market.

It’s the second operating license for Binance in the Middle East, the company earlier this week having announced a similar award from the Central Bank of Bahrain.

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