Crypto.com’s branch in Dubai, CRO DAX Middle East FZE, has recently achieved a significant regulatory milestone by obtaining full operational approval from Dubai’s Virtual Assets Regulatory Authority (VARA).
This landmark approval, announced on April 9, marks the first time a cryptocurrency exchange has been authorized to handle fiat transactions within the United Arab Emirates (UAE).
This development follows the initial licensing phase, where Crypto.com met all pre-operational requirements set by VARA since the virtual asset service provider license was issued in November 2023.
With this new operational status, Crypto.com plans to launch its exchange services specifically aimed at institutional investors, alongside qualified retail investors.
The platform will offer a variety of financial services, including spot trading, staking, brokerage, and Over-The-Counter (OTC) trading, focusing on settlements for specific markets.
Eric Anziani, Crypto.com’s president and COO, highlighted the significance of this achievement, stating, “Being the first global crypto operator operational with fiat in the UAE is a significant milestone and reflects our dedication to working closely with regulators to advance the industry responsibly.”
He also emphasized the importance of the upcoming institutional services exchange as a key driver for the company’s growth in the region.
Stuart Isted, Crypto.com’s general manager for the Middle East and Africa, reiterated the company’s commitment to regulatory compliance and responsible industry advancement in partnership with VARA.
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Founded in Hong Kong in 2016 and now headquartered in Singapore, Crypto.com has been actively expanding its international presence.
This includes efforts to navigate the evolving regulatory landscape in Europe, highlighted by the anticipated impact of the Markets in Crypto-Assets Regulation (MiCA) on the expansion of major crypto exchanges.
Furthermore, Crypto.com has engaged in strategic partnerships, such as its collaboration with Latin America’s largest investment bank to support the BTG Dol stablecoin, and its initiative to launch a cryptocurrency trading app in South Korea.
Despite its achievements, Crypto.com has faced regulatory challenges, including a fine from the Dutch central bank for registration issues, which the exchange contested while continuing its operations in The Netherlands.
This series of strategic moves and regulatory navigations underscores Crypto.com’s ambitious efforts to solidify its position in the global cryptocurrency market.
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