Crypto.com Granted Full Operational Status in Dubai
Crypto.com has achieved a significant milestone in its global expansion efforts with the full operational approval of its Dubai entity, CRO DAX Middle East FZE, by Dubai’s Virtual Assets Regulatory Authority (VARA). This approval allows Crypto.com to become the first crypto exchange in the United Arab Emirates (UAE) permitted to operate with fiat currency, marking a pivotal moment in the region’s crypto industry.
The approval follows Crypto.com’s successful fulfillment of pre-operational conditions outlined in the Virtual Asset Service Provider License granted in November 2023. With this regulatory green light, Crypto.com is poised to launch its Crypto.com Exchange for institutional investors, offering a range of services including spot trading, staking brokerage, and over-the-counter (OTC) offerings tailored to selected markets.
Eric Anziani, President and Chief Operating Officer of Crypto.com, expressed enthusiasm for expanding the company’s presence in the UAE, highlighting the strategic significance of launching institutional services in this key market. He emphasized the company’s commitment to working closely with regulators to advance the crypto industry responsibly.
Stuart Isted, General Manager of Crypto.com’s Middle East and Africa branch, echoed Anziani’s sentiments, emphasizing Crypto.com’s support for Dubai’s initiatives to propel the crypto industry forward. He underscored the importance of continued collaboration with VARA to ensure the effective and responsible advancement of the sector.
The approval in Dubai adds to Crypto.com’s growing list of regulatory authorizations, including approvals to operate in Singapore, France, Brazil, and the UK. Despite facing challenges such as fines in the Netherlands and workforce cuts, Crypto.com has demonstrated resilience and adaptability in navigating the regulatory landscape.
Looking ahead, Crypto.com has outlined plans for additional product launches in the UAE, including the Crypto.com App and retail-user focused products. These initiatives aim to further expand Crypto.com’s offerings and solidify its position as a leading player in the global crypto market.
