Crypto.Com Gets VARA Licence to operate in Dubai

Crypto.com, a prominent cryptocurrency exchange trusted by more than 80 million customers worldwide and the industry leader in regulatory compliance, security and privacy, on Tuesday announced that its Dubai entity, CRO DAX Middle East FZE, has received full operational approval from Dubai’s Virtual Assets Regulatory Authority (VARA) and is launching the Crypto.com Exchange for institutional investors as its first operational milestone.

This operational approval follows Crypto.com’s fulfilment of the pre-operational conditions stipulated in the Virtual Asset Service Provider Licence granted to CRO DAX Middle East FZE in November last year, and marks a first for a global crypto operator to be operational with fiat in the UAE.

Available to institutional clients and qualified retail investors, the Crypto.com Exchange, which has deep liquidity and a state-of-the-art matching engine, offers spot trading, staking brokerage and other OTC offerings around settlements for selected markets.

In-Market Product Soon

With this full operational approval, Crypto.com has also initiated plans for further in-market product launches expected in the coming months, including the Crypto.com App and additional retail-user focused products.

“We are thrilled to expand our presence and offering in the UAE with the support of VARA,” said Eric Anziani, President and Chief Operating Officer of Crypto.com said in a statement.

“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,” Anziani added.

“We are incredibly supportive of the steps Dubai is taking to progress the crypto industry, both in-market and abroad,” said Stuart Isted, General Manager, Middle East and Africa of Crypto.com.

“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,” Isted said.

Crypto in Every Wallet

Founded in 2016, Crypto.com’s vision is simple: Cryptocurrency in Every Wallet. Crypto.com is committed to accelerating the adoption of cryptocurrency through innovation.

According to Investopedia, Crypto.com offers more than 350 different currencies, reasonable fees, and discounts for those who hold a significant stake in Crypto.com native coin, CRO. Its ecosystem of crypto-related products could make it a good choice for those looking to do a lot with their cryptocurrency.