Crypto.com gets the green light to trade in Dubai
Crypto.com's Dubai-based legal entity, CRO DAX Middle East FZE, has received a full operating license from the Dubai Virtual Assets Regulatory Authority (VARA), the first crypto exchange authorized to operate in fiat currency in the United Arab Emirates (UAE).
According to the April 9 announcement, the operation granted by VARA follows the successful completion of Crypto.com's pre-operational conditions set out in the virtual asset service provider license issued by CRO DAX Middle East FZE in November 2023.
Crypto.com said its next step is to introduce the exchange to institutional investors. It provides institutional clients and qualified retail investors with services including spot trading, brokerage fees and over-the-counter (OTC) delivery for selected markets.
Eric Anziani, president and chief operating officer at Crypto.com, told Cointelegraph:
Becoming the first global crypto operator with fiat in the UAE is a major milestone and demonstrates our commitment to working closely with regulators to grow the industry responsibly.
He also said that the launch of the institutional service exchange will be “fundamental” for the company's continued growth in the region.
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Crypto.com's Middle East and Africa branch general manager, Stuart Ested, echoed Anziani's sentiments, emphasizing the company's commitment to partnering with VARA to “responsibly” advance the crypto industry.
Crypto.com was founded in Hong Kong in 2016 and operates out of Singapore. However, since last year, it has been expanding its global reach.
In February, Anziani spoke to Cointelegraph about how the implementation of the Markets in Crypto-assets Regulation (MiCA) could accelerate the expansion efforts among the main cryptocurrency exchanges across Europe. The law will be implemented this year.
Later that month, it was announced that Crypto.com had partnered with Latin America's largest investment bank to launch BTG Pactual's BTG Dol stablecoin on its trading platform alongside digital assets such as Bitcoin (BTC) and Ether (ETH).
On April 2, it announced that it will launch its cryptocurrency trading app for South Korean retail investors on April 29.
The exchange has faced scrutiny from regulators after the Dutch central bank announced it had fined Crypto.com for registration violations. The exchange filed a protest against the fine but continued to register and operate in the Netherlands.
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