Crypto.com announced it has been issued a limited license by Dubai’s Virtual Assets Regulatory Authority (VARA) to offer derivatives in the UAE.
This issuance now reportedly extends the provisions of Crypto.com’s existing VASP license to operate in the region.
With this limited license, Crypto.com’s regional entity plans to initiate offering various derivatives products, “including futures, perpetual swap contracts, and CFDs.”
These services will be first available to eligible institutions globally, with qualified investors “to follow at a later date.”
Additionally through this limited licence, all Crypto.com retail users can access USD fiat rails for “depositing and withdrawing USD from their Crypto.com account” via Standard Chartered.
This expansion of Crypto.com products and services is the focus of the Crypto.com Roadmap – the company’s roll-out of some of its key updates and launches to “come over the course of 2025.”
Eric Anziani, President and COO of Crypto.com said:
“We are aggressively transforming and evolving Crypto.com to provide users around the world all of the financial technology tools they are looking for in one place. With this approval from VARA for a limited licence, we are taking a significant and exciting step forward in our pursuit.”
This is the latest milestone for Crypto.com’s Dubai entity, and follows the company “receiving its VASP license in November 2023, receiving full operational approval in April 2024, and launching global retail services powered by Standard Chartered in August 2024.”
Founded in 2016, Crypto.com claims that it is trusted by more than 100 million customers worldwide and is an industry participant that is prioritizing regulatory compliance, security and privacy.
Their vision is: Cryptocurrency in Every Wallet.
Crypto.com says that it is committed to accelerating the “adoption of cryptocurrency through innovation.”
As covered last month, blockchain ecosystem Cronos has reportedly unveiled a service enabling users to withdraw funds easily to a personal prepaid card.
Facilitated through a partnership with Crypto.com, the feature is a key milestone in bridging decentralized and traditional finance.
By connecting their web3 non-custodial wallet on Cronos EVM or Cronos zkEVM to a Crypto.com prepaid card, users “can top up from Cronos EVM or Cronos zkEVM to Crypto.com Crypto wallet, then to Crypto.com prepaid card in one click.”
If a token is not directly supported, the platform “automatically swaps it into USDC or ETH, providing near-instant access to spend crypto assets in the real world.”
Eric Anziani, President and COO of Crypto.com said:
“This collaboration highlights Crypto.com’s commitment to driving the mass adoption of blockchain services by integrating innovative solutions that simplify the user experiences. We have been a longstanding supporter of Cronos and to launch this feature together is a testament to our shared vision of bridging further mainstreaming crypto and enhancing its daily utility.”