- Crypto.com gained full operational approval from Dubai’s VARA.
- The platform is the first global cryptocurrency operator approved in the UAE for use with fiat currency.
- It plans to expand services for institutional and retail users globally.
Crypto.com, a Singapore-based cryptocurrency exchange platform, announced that it had obtained full operational approval from Dubai’s Virtual Assets Regulatory Authority (VARA). Notably, this achievement marks the first time a global cryptocurrency operator has been given the green light to operate in the United Arab Emirates using fiat currency.
The platform’s X account broke this news to its followers, stating,
We’re excited to announce our full operational approval from Dubai’s Virtual Assets Regulatory Authority. Crypto․com Exchange will be available for institutional investors as our first launch in the region.
This news came after the agency’s Dubai-based entity, CRO DAX Middle East FZE, met the pre-operation requirements for the Virtual Asset Service Provider license awarded in November 2023. The cryptocurrency exchange platform offers deep liquidity and an innovative matching engine. It provides users with services such as staking brokerage, spot trading, and other over-the-counter (OTC) options for market settlements.
Crypto.com acquired a full operational license after completing the VARA’s four-stage process. This procedure began with issuing a provisional permit and preparatory licenses for a minimal viable product (MVP), ultimately leading to a full market product (FMP) license.
Given VARA operational approval, the Crypto.com Exchange is set to launch, primarily targeting institutional. In addition, Crypto.com plans to roll out more products tailored for retail users, including the Crypto.com App, in the coming months. This expansion into the retail segment showcases the company’s goal of providing diverse and accessible cryptocurrency solutions to users worldwide.
According to the platform’s COO, Eric Anziani, the new development can spearhead long-term growth for the firm.
He asserts that “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.”
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