Crypto.com, a leading digital asset exchange based in Singapore, has achieved a significant milestone by obtaining full operational approval from Dubai’s Virtual Asset Regulatory Authority (VARA). This development positions Crypto.com as the first global crypto firm to be operational with fiat currency in the United Arab Emirates (UAE), marking a significant leap forward in its expansion efforts.
Pioneering in the UAE with Institutional Services
As the initial phase of its operations under the new license, Crypto.com will cater primarily to institutional investors within the UAE. The firm’s inclusion on VARA’s public register, under the local entity CRO DAX Middle East FZE, heralds a new era of digital asset services in the region. This strategic move not only enhances Crypto.com’s offerings but also solidifies its presence in a critical market.
Regulatory Milestones and Future Aspirations
The UAE has been progressively opening its doors to cryptocurrency entities, with Crypto.com joining the ranks of other regulated firms like Deribit, M2, Rain, Nexo, Fasset, and OKX. The full license from VARA underscores Crypto.com’s commitment to adhering to local regulations and fostering a safe and compliant trading environment for its users.
Looking ahead, Crypto.com has ambitious plans to introduce additional products aimed at retail users, further expanding its portfolio and reach within the UAE. This initiative is part of the firm’s broader strategy to consolidate its footprint in strategic markets worldwide.
Navigating Challenges and Embracing Opportunities
Over the past year, Crypto.com has navigated a complex landscape of regulatory approvals and challenges across various jurisdictions, including Singapore, France, Brazil, and the U.K., while also contending with fines in the Netherlands and operational hurdles during last year’s banking crisis. Despite these challenges, the firm remains focused on its mission to provide world-class institutional services through its Crypto.com Exchange, as highlighted by Eric Anziani, the president and COO.
Crypto.com’s operational license in Dubai represents a pivotal step in its journey, underscoring the firm’s resilience and dedication to becoming a key player in the global cryptocurrency market.
