Key Takeaways
- Crypto.com gained full approval from Dubai's VARA, allowing its UAE entity to cater to institutional investors, supporting Dubai's vision as a digital asset hub alongside firms like Deribit and OKX;
- This approval marks their entry as the first global crypto platform approved for fiat transactions in the region;
- It also emphasizes Crypto.com's global regulatory compliance and expansion efforts.
Singapore-based digital asset exchange Crypto.com announced that Dubai's Virtual Assets Regulatory Authority (VARA) has granted it full operational approval.
Crypto.com's local entity, CRO DAX Middle East FZE, is now listed on VARA's public register, signaling the green light for institutional investors within the United Arab Emirates (UAE) to engage with the Crypto.com exchange.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
How to Avoid Major Crypto Investment Risks? (Beginner-Friendly)
The approval indicates the emirate's growing reputation as a hub for digital assets and blockchain technology. In recent months, VARA has given regulatory approvals to several crypto entities, including Deribit and OKX.
Eric Anziani, President and Chief Operating Officer of Crypto.com, said:
We are thrilled to expand our presence and offering in the UAE with the support of VARA. 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.
As stated by Crypto.com, this is the first time that a global crypto operator has gained the ability to operate with fiat currency in the UAE.
The company also highlighted its anticipation of rolling out additional products aimed at retail users, further expanding its offerings in the region.
Over the past year, Crypto.com has successfully obtained approvals to operate in several other markets worldwide, including the Netherlands, Spain, and Singapore, which demonstrates the crypto exchange's commitment to comply with regulatory standards.
However, it has also faced some setbacks; in January 2023, the company had to lay off about 20% of its workforce because of the "damaged trust in the industry" after FTX's collapse.
This approval from VARA not only reinforces Crypto.com's position in the Middle East but also exemplifies Dubai's ambition to become a global leader in the virtual asset field.
