11 Apr, 2024

Crypto.com’s Dubai Entity Wins Full Operational Approval

Michael Healy
Written by
Michael Healy
Michael Healy Michael Healy Expert Author
Michael, an entrepreneur, and co-founder of Unit, is a full-stack, mobile, and blockchain developer with extensive experience in the crypto and blockchain industry since 2010. A leading token builder, Unit powers the token economy using the Polkadot-powered Unit Network blockchain. Michael has built a diverse portfolio with multiple successful exits, including encrypted P2P video conferencing,...
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Crypto.com Dubai
Key Takeaways

  • Crypto.com’s Dubai entity has achieved a significant milestone by winning approval to operate in Dubai, which will allow the firm to provide its services to institutional investors.
  • According to the firm, Crypto.com is the first global operator to receive approval to operate with fiat in the UAE.

VARA Green Lights Crypto.com Operation in Dubai

VARA issues a green light for Crypto.com operations in Dubai.
VARA | Source: Freepik

Singapore-based digital asset exchange Crypto.com won approval to operate in Dubai, marking a significant milestone in its global expansion.

On April 9, 2024, the firm announced that it received the entire operation from the Virtual Asset Regulatory Authority (VARA) for its Dubai entity, CRO DAX Middle East FZE.

This development marks a significant milestone for the exchange. It paves the way for institutional investors in the United Arab Emirates (UAE) to access the Crypto.com exchange. 

This potential impact underscores the benefits of the company’s expansion in the region. Moreover, it highlights the emirate’s growing reputation as a hub for digital assets and blockchain technology.

Recently, the VARA has approved various crypto entities, including OKX M2, Fasset, Nexo, and Deribit.

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.

Eric Anziani, President and Chief Operating Officer of Crypto.com, stated.

Interestingly, this would be the first time a global crypto operator has received approval and can operate with fiat currency in the UAE.

Crypto.com Joins the Ranks of Prominent Exchanges

Crypto.com listed among prominent exchanges.
Crypto.com | Source: Shutterstock

The crypto exchange will offer various services after securing a minimal viable product (MVP) preparatory license from VARA.

They include spot trading, over-the-counter offerings, and staking brokerage in settlements for selected markets.

With this license, Crypto.com joins other prominent crypto exchanges that can offer various products and services.

It has also acquired licenses from other major markets, including France, Brazil, Italy, and the United Kingdom.

In recent months, Crypto.com unveiled its plans to launch a specialized trading platform exclusively for Korean users.

Remarkably, the platform is scheduled to launch on April 29, 2024. And would cater to the preferences and needs of Korean investors.

Crypto.com acknowledged Korea’s cultural influence and the adoption of new technologies as a driving force towards this initiative.

Dubai Cryptocurrency Regulatory Landscape

VARA, Dubai’s regulatory watchdog, is pivotal in facilitating a robust ecosystem for digital assets. 

It has been critical in attracting key digital players into the region, just like OKX who recently secured a VASP license for its Dubai subsidiary. The commission also ensures a secure regulatory environment.

Essentially, VARA creates a legal framework to protect investors. And establish an international standard for digital asset industry governance while supporting Dubai’s vision for a borderless economy.

The approval signifies that Crypto.com complied with VARA’s pre-operational conditions outlined in the VASP license.

It was previously granted to Crypto.com’s Dubai entity, CRO DAX Middle East FZE, in November 2023.

Will this approval continue Dubai’s progress toward becoming a global crypto hub?