Important points to note:
– Crypto.com has gained full operational approval from Dubai’s Virtual Assets Regulatory Authority (VARA).
– This makes them the first global cryptocurrency operator approved in the UAE for use with fiat currency.
– They plan to expand their services for both institutional and retail users globally.
In exciting news, Singapore-based cryptocurrency exchange platform Crypto.com has announced that they have obtained full operational approval from Dubai’s Virtual Assets Regulatory Authority (VARA). This marks a major milestone as they become the first global cryptocurrency operator to be granted permission to operate in the United Arab Emirates using fiat currency.
The news was first shared by the platform’s X account with their followers, stating that “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.”
This approval comes after the agency’s Dubai-based entity, CRO DAX Middle East FZE, met all the pre-operation requirements for the Virtual Asset Service Provider license that was awarded in November 2023. The Crypto.com Exchange offers deep liquidity and an innovative matching engine, providing users with services such as staking brokerage, spot trading, and other over-the-counter (OTC) options for market settlements.
The platform acquired their full operational license after successfully completing the VARA’s four-stage process, which began with a provisional permit and preparatory licenses for a minimal viable product (MVP) and ended with a full market product (FMP) license.
With the VARA’s operational approval, the Crypto.com Exchange is now ready to launch and will primarily target institutional investors. However, the company has plans to roll out more products tailored for retail users, including the Crypto.com App, in the coming months. This expansion into the retail segment showcases their commitment to providing diverse and accessible cryptocurrency solutions to users worldwide.
According to Eric Anziani, Crypto.com’s COO, this new development is a significant step towards long-term growth for the company. He believes that “launching with our world-class Crypto.com Exchange institutional services will be fundamental to our continued growth and success in such a key market for our company.”
