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Crypto.com Acquires License In Dubai As Cronos (CRO) Price Slips

Crypto.com achieves yet another milestone with its recently acquired license from Dubai’s regulatory authority to offer services in the country by Dubai’s arm CRO DAX Middle East FZE.

Significance of Crypto.com Recent License

According to the announcement, Crypto.com Dubai’s entity acquired the coveted Virtual Assets Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). This marks a major step for the firm as it aims to extend its services worldwide.

The recently acquired VASP license will enable the firm to completely satisfy selected conditions and localization requirements outlined by VARA. In addition, it will allow the firm to launch operations, upon receiving operational approval notice from the regulatory body.

Furthermore, it will enable the firm to offer regulated virtual asset service activities in the country. These include exchange services, broker-dealer services, management and investment services, and lending and borrowing services. These services are accessible to retail and institutional users in the market through the Crypto.com Exchange and Crypto.com App.

The announcement also saw the company highlighting Dubai as its regional hub for the Middle East and Africa. According to Crypto.com CEO Kris Marszalek, Dubai is one of the top markets for creating effective regulation for the crypto space.

 “Dubai continues to show it is a leading market when designing effective regulation for the crypto space while still supporting adoption and innovation,” the CEO stated.

Since VARA released its specialized regulations for virtual assets in February 2023, Crypto.com has been working to be among the first virtual asset exchanges to operationalize its VASP Licence. Finally, the firm’s aim has been realized.

“It is an incredible honor to be one of the first crypto exchanges to be granted a Virtual Asset Service Provider Licence by VARA,” Kris stated.

The VASP license is one of the notable licenses acquired by the company this year. In March, Crypto.com also acquired an MVP Preparatory Licence from the Dubai regulatory authority.

Latest License Might Propel Cronos (CRO) Price

Over the past weeks, Cronos (CRO) has been seen as one of the best-performing coins. CRO experienced an impressive 57% price surge within the seven-day timeframe reaching the $0.1 mark.

The token outclassed some major cryptocurrencies in the top 100 ranking over the weekend. However, the crypto asset seems to have lost its momentum, as it fell from $0.1 to $0.088. According to CoinMarketCap, CRO is currently down by over 5% in the past 24 hours.

Related Reading: Snowfall Protocol (SNW), Shiba Inu (SHIB), and Cronos (CRO) – The Best Cheap Cryptos to Buy Now

So far, Crypto.com’s recent milestones have not had any current impact on CRO. Nonetheless, as the native token of Crypto.com, the license could spark larger adoption for CRO, which might help CRO regain its momentum. 

Cronos (CRO)

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CRO Price (Cronos) Pumps Over 12%, Why This Could Be The Start of Bigger Rally

CRO price started a fresh increase from the $0.062 support zone. Cronos bulls are now aiming a strong move towards the $0.094 level in the near term.

  • CRO price started a decent increase above the $0.065 resistance against the US dollar.
  • The price is trading above $0.070 and the 100 simple moving average (4-hours).
  • There was a break above a major bearish trend line with resistance at $0.0650 on the 4-hours chart of the CRO/USD pair (data source from Coinbase).
  • The pair could continue to rise towards the $0.080 and $0.094 resistance levels.

Cronos CRO Price Eyes Fresh Rally

This past month, cronos’s price found support near the $0.0615 zone against the US Dollar. CRO formed a base above the $0.0615 and $0.0620 levels before it started a fresh increase.

There was a clear move above the $0.0650 resistance zone and the 100 simple moving average (4-hours) to move into a positive zone. Besides, there was a break above a major bearish trend line with resistance at $0.0650 on the 4-hours chart of the CRO/USD pair.

The price is now trading above $0.070 and the 100 simple moving average (4-hours), outperforming bitcoin and ethereum. On the upside, an immediate resistance is near the $0.074 level. It is close to the 23.6% Fib retracement level of the main drop from the $0.131 swing high to $0.0568 low.

The next major resistance is forming near the $0.080 zone. If there is an upside break above the $0.08 resistance level, the price could start another strong increase.

CRO Price (Cronos)

Source: CROUSD on TradingView.com

In the stated case, the price could rise steadily towards the $0.094 level. It is close to the 50% Fib retracement level of the main drop from the $0.131 swing high to $0.0568 low.

Dips Limited in CRO?

If CRO price fails rise above the $0.074 and $0.080 resistance levels, it could start a downside correction. An immediate support on the downside is near the $0.07 level.

The main support is near the $0.0650 level and the 100 simple moving average (4-hours). A downside break below the $0.065 level could open the doors for a fresh decline towards $0.062. The next major support is near the $0.060 level.

Technical Indicators

4-hours MACD – The MACD for CRO/USD is gaining momentum in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for CRO/USD is now in the overbought zone.

Major Support Levels – $0.070 and $0.065.

Major Resistance Levels – $0.074, $0.08 and $0.094.

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Cronos Chain Mainnet Upgrade Announcement Pushes CRO Prices Higher

Cronos (CRO), the 24th-ranked cryptocurrency by market cap and the native token of the Crypto.com exchange, is among the top performers on the weekly chart and has made a significant gain of 10.02% over the past day. However, the announcement of the upcoming Cronos Chain mainnet upgrade is one of the main drivers of CRO’s strong performance.

The first blockchain network to enable DeFi, NFTs, and the metaverse on top of both the Ethereum and Cosmos ecosystems is Cronos. By giving developers the option to rapidly move applications and digital assets from other chains with minimal cost, high throughput, and quick finality, it seeks to expand the Web3 user base dramatically.

The price of Cronos is currently $0.146602, with a stunning increase of 716.64% in trading volume over the last day, reaching $163,572,518. According to Coinmarketcap’s data, its market worth is currently $3,836,821,843 and has increased 10.56% over the past 24 hours. Moreover, CRO has risen by 10.26% over the past 24 hours and 26.5% over the last seven days.

Since its ATH price of $0.965407 approximately eight months ago, the coin has fallen by 84.7%. CRO reached its highest point in November 2021 but then began declining. In January 2022, CRO dropped to $0.34, but it rapidly rose to $0.541955 on February 9. After that, the price fluctuated between $0.35 and $0.50 in March and April.

CRO is currently trading at $0.1510 on the daily chart | Source: CROUSDT From Tradingview

Unfortunately, the price kept falling steadily from May, hitting a low of $0.16267 for the month before decreasing to $0.10049 on June 18. The price fluctuated throughout July between $0.10 and $0.12, but it finally concluded the month with a slight gain in value at $0.135367.

Cronos Chain Mainnet Upgrade

In a blog post on August 1, Crypto.com revealed that the Cronos Chain’s next Mainnet Upgrade would occur at the height of block 3,982,500, set on August 3, 2022, 02:00 UTC. This upgrade includes a number of changes, the main goal of which is to increase network scalability and make system improvements.

The blog post also states:

To ensure the safety of users’ funds during and after the upgrade, we will temporarily suspend deposits and withdrawals of CRO and all CRC20 tokens in both the Crypto.com App and Exchange during the network upgrade.

Additionally, it ensures that trade in CRO and CRC20 coins won’t be impacted. When the network appears to be stable, they will restart deposits and withdrawals after closely monitoring the situation.

On their blog post on Medium, the Cronos team also made this announcement yesterday:

We are proposing a network upgrade for the Cronos mainnet beta to take place on August 3, 2022. On that date, node operators will need to upgrade their cronosd binary to the latest version at a specific block height.

According to their statement, all node operators will upgrade their node binary after the upgrade block height so that their node can keep up with the chain. The bulk of the validators will be updated before the chain is paused and brought back online.

Featured image from Flickr, chart from Tradingview.com