The Virtual Assets Regulatory Authority (VARA) in Dubai has granted full operational approval to Crypto.com’s Dubai subsidiary, CRO DAX Middle East. The company plans to set up the Crypto.com Exchange for institutional investors.
The approval also makes Crypto.com the first foreign exchange to operate with fiat currency within the UAE. Crypto.com plans to focus on both qualified individual investors and institutional clients.
Crypto.com Dubai Gains VARA Nod, Targets Institutional Investors
The exchange will now provide spot trading and staking brokerage to its Dubai users. It would also offer over-the-counter (OTC) offerings related to settlements for specific markets.
Eric Anziani, president and chief operating officer at Crypto.com, said of the approval: “Being the first global crypto operator operational with fiat in the UAE is a significant milestone and reflects our dedication to working closely with regulators to advance the industry responsibly.”
We’re proud to announce our latest milestone in global regulatory compliance and licensure.https://t.co/vCNztATSCO has secured its MVP Preparatory License from the Virtual Asset Regulatory Authority in Dubai. 🇦🇪
Learn more:https://t.co/ApmdXpUBI3 pic.twitter.com/iwYCznyYXQ
— Crypto.com (@cryptocom) March 20, 2023
Crypto.com plans to expand its presence in Dubai and expand its offerings in the coming months. The company praised Dubai for its reception of crypto projects.
Stuart Isted, Crypto.com’s General Manager for Middle East and Africa, commented: “We are incredibly supportive of the steps Dubai is taking to progress the crypto industry, both market and abroad. But this is still just the beginning, and we look forward to continuing to work closely with VARA in our collective efforts to effectively and responsibly advance the sector.”
More About Crypto.com in Dubai
Crypto.com plans to expand its presence in Dubai and expand its offerings in the coming months. The company praised Dubai for its reception of crypto projects.
Crypto.com has sought to improve its relationship with regulators lately. The exchange secured a Minimal Viable Product (MVP) preparatory license from VARA last year. This license came after the cryptocurrency exchange had previously received a preliminary clearance.
Dubai established VARA under its Virtual Asset Regulation Law. VARA has played a pivotal role in establishing Dubai as a fast-growing crypto hub. The body has helped attract several key crypto companies to Dubai in recent months.
Crypto.com Continues its Expansion
Founded in Hong Kong in 2016, Crypto.com operates from Singapore. The exchange has focused on expanding to other regions in recent months. The trading platform plans to launch its Crypto.com app. And other products for individual investors.
On April 3rd, we held a VIP Event in Seoul following the announcement of our launch in Korea later in April.
With 100+ guests in attendance, including key partners and clients pivotal to https://t.co/bbHWVWC33P’s entry into the Korean market, the event was a resounding success! pic.twitter.com/7zs5Jf3EoP— Eric Anziani (@ericnode) April 9, 2024
The exchange also plans to introduce a trading platform for Korean users. The platform will launch on April 29.
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