Crypto.com secures license to operate in Dubai
Key Takeaways
- Crypto.com has received full approval from Dubai VARA, enabling UAE entities to meet the needs of institutional investors and supporting Dubai’s vision as a digital asset hub alongside companies such as Deribit and OKX.
- This approval marks the company’s entry into the first global cryptocurrency platform approved for fiat trading in the region.
- It also highlights Crypto.com’s global compliance and expansion efforts.
Singapore-based digital asset exchange Crypto.com announced the following: Dubai Virtual Assets Regulatory Authority (VARA) has given full operational approval.
Crypto.com’s local entity, CRO DAX Middle East FZE, is now listed on VARA’s public register. Institutional investors in the United Arab Emirates (UAE) have been permitted to participate in the Crypto.com exchange.
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Approval indicates: The emirate’s reputation as a hub for digital assets and blockchain technology is growing. In recent months, VARA has provided regulatory approval to several cryptocurrency companies, including Deribit and OKX.
Eric Anziani, President and Chief Operating Officer of Crypto.com, said:
We are excited to expand our presence and services in the UAE with the support of VARA. The launch of world-class Crypto.com Exchange institutional services is essential to the company’s continued growth and success in its core markets.
As Crypto.com states, this This is the first time a global cryptocurrency operator has gained the ability to operate in fiat currency in the UAE.
The company also highlighted its strengths. Expected to launch additional products targeting retail users Further expanding our product offering in the region.
Over the past year, Crypto.com has successfully It has been approved for operation in several markets around the world, including the Netherlands, Spain, and Singapore. This demonstrates the cryptocurrency exchange’s commitment to complying with regulatory standards.
But there were also some setbacks. In January 2023, the company had to lay off approximately 20% of its workforce. This is due to ‘damage to trust in the industry’ following the fall of FTX.
This approval by VARA not only strengthens Crypto.com’s presence in the Middle East, but also exemplifies Dubai’s ambitions to become a global leader in virtual assets.
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