Crypto.com, which claims to be “trusted” by more than 80 million customers worldwide and the industry leader in regulatory compliance, security and privacy, 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 reportedly follows Crypto.com’s fulfillment of “the pre-operational conditions stipulated in the Virtual Asset Service Provider Licence granted to CRO DAX Middle East FZE in November 2023, 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 matching engine, “offers spot trading, staking brokerage and other OTC offerings around settlements for selected markets.”
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.”
Eric Anziani, President and Chief Operating Officer of Crypto.com said:
“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.”
Stuart Isted, General Manager, MENA of Crypto.com said:
“We are incredibly supportive of the steps Dubai is taking to progress the crypto industry, both in-market and abroad. 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.”
Founded in 2016, Crypto.com says that it is “trusted by more than 80 million customers worldwide and is the industry leader in regulatory compliance, security and privacy certifications.”
Their vision is simple: Cryptocurrency in Every Wallet.
Crypto.com is committed to accelerating the adoption of cryptocurrency through innovation.
Established in March 2022, “following the effect of Law No.4 of 2022, VARA is the competent entity in charge of regulating, supervising, and overseeing VAs and VA Activities in all zones across the Emirate of Dubai, including Special Development Zones and Free Zones but excluding the Dubai International Financial Centre.”
VARA plays a central role in “creating Dubai’s advanced legal framework to protect investors and establish international standards for Virtual Asset industry governance, while supporting the vision for a borderless economy.”
