The Crypto.com branch in Dubai, CRO DAX Middle East FZE, got the green light from Dubai’s Virtual Assets Regulatory Authority (VARA) to start full operations. This makes it the first crypto exchange allowed to deal with regular money in the United Arab Emirates (UAE).
The approval from VARA, announced on April 9, comes after Crypto.com fulfilled all the initial conditions set in their license, which they received back in Nov 2023.
Next up for Crypto.com is rolling out their exchange specifically for big investors. They plan to serve institutions and certain retail investors with services like spot trading, staking brokerage, and over-the-counter (OTC) offerings tailored to selected markets.
“Becoming the first global crypto operator to deal in regular money in the UAE is a big step and shows our commitment to working closely with regulators to move the industry forward responsibly.”
He also emphasized that launching their exchange for institutional services will be “crucial” for their continued regional expansion.
“Stuart Isted, who manages Crypto.com’s operations in the Middle East and Africa, agreed with Anziani, saying they both believe strongly in working with VARA to move the crypto industry forward ‘the right way.’
Expanding Reach: Crypto.com Global Growth
Crypto.com was founded in Hong Kong in 2016 and is based mainly in Singapore. However, it has been growing worldwide lately.
In Feb, Anziani discussed how Europe’s new Markets in Crypto-Assets Regulation (MiCA) might help big crypto exchanges expand faster in Europe. This law starts working this year.
Later that month, Crypto.com joined Latin America’s largest investment bank to boost BTG Pactual’s BTG Dol stablecoin by linking it with digital assets such as Bitcoin and Ether on its trading platform.
On April 2, it declared its plan to unveil a cryptocurrency trading app to South Korean retail investors on April 29.
Furthermore, regulatory authorities scrutinized the exchange following revelations from the Dutch central bank, which disclosed that Crypto.com faced fines for registration violations. Despite filing an objection to the fine, the exchange registered and continued operations within The Netherlands.
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