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Crypto.com Expand Global Services With Dubai’s VARA License – Crypto News

Published

1 year ago

April 9, 2024

Dripp

The leading Singapore-based crypto exchange, Crypto.com, has set its sights on expanding its global footprint with a significant announcement. Notably, the exchange unveiled the latest development that would allow it to broaden its services in Dubai, marking a pivotal moment in its expansion strategy.

Meanwhile, this strategic move underscores Crypto.com’s commitment to catering to institutional investors in the Middle East region and further solidifying its position as a key player in the crypto market.

Crypto.com Expand Global Foothold With Dubai License

In a groundbreaking development, Crypto.com has secured full operational approval from Dubai’s Virtual Assets Regulatory Authority (VARA). This milestone allows the crypto exchange to cater to institutional investors as its inaugural offering in the region.

Meanwhile, this operational green light follows the completion of pre-operational requirements outlined in the Virtual Asset Service Provider Licence granted to Crypto.com’s Dubai entity, CRO DAX Middle East FZE, in November 2023. Notably, this marks the first instance of a global crypto operator achieving operational status with fiat in the UAE, highlighting Crypto.com’s pioneering position in the market.

In addition, Crypto.com is set to provide institutional clients and qualified retail investors with access to spot trading, staking brokerage, and other over-the-counter (OTC) offerings. Equipped with deep liquidity and a state-of-the-art matching engine, the crypto exchange is poised to deliver a seamless trading experience tailored to the needs of the Middle East market.

With plans for additional product launches in the pipeline, including the Crypto.com App and retail-focused offerings, Crypto.com aims to further enhance its presence and offerings in the UAE market.

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Embracing Regulatory Support and Market Potential

Eric Anziani, President and Chief Operating Officer of Crypto.com, expressed excitement about the company’s expansion into the UAE market, emphasizing the importance of the crypto exchange institutional services in driving growth and success. On the other hand, Stuart Isted, General Manager, Middle East and Africa of Crypto.com, echoed similar sentiments, highlighting the collaborative efforts between the exchange and VARA to advance the crypto industry responsibly.

This move not only underscores Crypto.com’s commitment to regulatory compliance and market expansion but also signals Dubai’s progressive stance toward embracing the cryptocurrency sector’s potential for growth and innovation.

Meanwhile, the update comes after a month following the crypto exchange facing a setback in the Netherlands. For context, Crypto.com faced a fine of $3.11 million from the Dutch central bank in March for operating without registration.

Also Read: US Treasury Seeks Stronger Crypto Controls for National Security