- Crypto.com has made a big announcement.
- The exchange’s Dubai entity scored approval from a key regulator.
- The development will see the exchange tap into the emerging UAE crypto market.
Singapore-based exchange Crypto.com announced on Tuesday that its Dubai entity has received full operational approval from the Virtual Assets Regulatory Authority (VARA), allowing the company to expand its presence to the United Arab Emirates (UAE).
The development comes after the exchange’s local entity, CRO DAX Middle East FZE, fulfilled VARA’s pre-operational conditions in November last year. This paved the way for the entity to be granted a Virtual Asset Service Provider (VASP) license.
Crypto.com Solidified Its Presence in the UAE
According to a press release dated April 9, CRO DAX Middle East FZE is keen on launching the Crypto.com Exchange for institutional investors as its first operational milestone in the UAE after securing full approval from VAARA.
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Upon launch, the exchange will provide services powered by its “deep liquidity and a state-of-the-art matching engine,” including spot trading, staking brokerage, and OTC offerings around settlements for “selected markets.”
The operational approval has also paved the way for Crypto.com to plan other in-market product launches expected in the “coming months,” including additional retail-focused products and the Crypto.com app.
Crypto.com President and Chief Operating Officer Eric Anziani welcomed the approval, noting that it would be fundamental for the exchange’s continued growth and success.
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“We are thrilled to expand our presence and offering in the UAE with the support of VARA.” Anziani stated. “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.”
Per the statement, the approval marks the beginning of what will culminate in close collaboration between Crypto.com and VARA to “effectively and responsibly” advance the nascent digital assets sector.
Read about Crypto.com’s recent win in the UK:
Crypto.com Wins Electronic Money Institution License in the UK
Stay updated on Crypto.com’s regulatory woes in the Netherlands:
Crypto.com Faces $3.1M Fine from Dutch Regulatory Authority
