- Crypto.com has received full operational approval from Dubai regulators, marking a milestone in its global expansion
- Crypto.com now has a license to handle crypto and fiat currencies in the region through its exchange
- Dubai announced its crypto regulation plans in 2022
Crypto.com has secured full operational approval from Dubai’s Virtual Assets Regulatory Authority (VARA) following its provisional license in November. The approval makes its Dubai entity, CRO DAX Middle East FZE, the first fully licensed fiat-handling crypto entity allowed to operate in the UAE and Crypto.com’s fulfillment of pre-operational conditions outlined in the Virtual Asset Service Provider Licence granted to it last year. Dubai’s virtual assets law was created in 2022, with Binance awarded a license to offer exchange and broker-dealer services last year.
Dubai Expands its Crypto Offer
Dubai announced its plans to regulate the crypto sector in March 2022, with a glut of crypto exchanges, including Binance and Crypto.com, applying soon after. Binance was awarded a license to operate a crypto exchange last year, but Crypto.com has gone one further and been awarded a license to handle fiat currencies as well.
We’re excited to announce our full operational approval from Dubai’s Virtual Assets Regulatory Authority 🇦🇪
Crypto․com Exchange will be available for institutional investors as our first launch in the region 🙌 pic.twitter.com/6ZhHDdzPcT
— Crypto.com (@cryptocom) April 9, 2024
Through CRO DAX Middle East FZE, Crypto.com will offer various services to institutional clients and qualified retail investors, including spot trading, staking brokerage, and other OTC offerings around settlements for selected markets.
Crypto.com Has Bigger Plans
Eric Anziani, President and Chief Operating Officer of Crypto.com, expressed his enthusiasm about expanding the company’s presence and offerings in the UAE, stating that he was “thrilled to expand our presence and offering in the UAE with the support of VARA.”
Stuart Isted, General Manager, Middle East and Africa of Crypto.com, emphasized the company’s support for Dubai’s initiatives in advancing the crypto industry, stating, “We are incredibly supportive of the steps Dubai is taking to progress the crypto industry, both in-market and abroad.” Isted added that the license was “just the beginning” and added that the company “look[s] forward to continuing to work closely with VARA in our collective efforts to effectively and responsibly advance the sector.”
