Crypto.com disclosed today that its Dubai entity, CRO DAX Middle East FZE, has gained full operational approval from Dubai’s Virtual Assets Regulatory Authority (VARA), and it will launch the Crypto.com Exchange available to institutional investors, which is the company’s first operational milestone.
This operational approval represents the first time a global cryptocurrency operator will be operating in the United Arab Emirates using fiat money. Crypto.com completed the pre-operational requirements outlined in the Virtual Asset Service Provider license given to CRO DAX Middle East FZE in November 2023,
The Crypto.com Exchange, which has deep liquidity and a cutting-edge matching engine, is accessible to institutional clients and qualified retail investors. It provides spot trading, staking brokerage, and other OTC offerings around settlements for specific markets.
With this achievement, Crypto.com has also announced plans to launch more in-market products, such as the Crypto.com App and other retail-user-focused products, which are hoped to launch in the upcoming months.
President and Chief Operating Officer of Crypto.com, Eric Anziani, stated, “We are thrilled to expand our presence and offering in the UAE with the support of VARA. 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.”
“We are incredibly supportive of the steps Dubai is taking to progress the crypto industry, both in-market and abroad,” stated Stuart Isted, General Manager, Middle East and Africa of Crypto.com.
Stuart further stated that this is only the start, and the company is eager to collaborate closely with VARA to responsibly and successfully develop the industry going forward.
The launch of the Crypto.com Exchange in Dubai is a major development for the company and the cryptocurrency industry as a whole. Crypto.com’s commitment to regulatory compliance like VARA and its focus on expanding its global reach signifies industry growth.
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