Crypto.com Receives Full Operational Approval from Dubai’s VARA, Becomes First Global Cryptocurrency Operator Approved in UAE
Crypto.com, a Singapore-based cryptocurrency exchange platform, has made history by becoming the first global cryptocurrency operator to receive full operational approval from Dubai’s Virtual Assets Regulatory Authority (VARA) in the United Arab Emirates. This approval allows Crypto.com to operate using fiat currency in the region, marking a significant milestone for the company.
The news was shared on the platform’s X account, where they expressed their excitement about the approval and announced that the Crypto.com Exchange will be available for institutional investors as their first launch in the region. This achievement comes after the Dubai-based entity, CRO DAX Middle East FZE, met the pre-operation requirements for the Virtual Asset Service Provider license awarded in November 2023.
Crypto.com offers a range of services including staking brokerage, spot trading, and other over-the-counter options for market settlements. The platform has gained a reputation for its deep liquidity and innovative matching engine, making it a popular choice for cryptocurrency traders.
With the full operational approval from VARA, Crypto.com is now set to expand its services globally, targeting both institutional and retail users. The company plans to launch more products tailored for retail users, including the Crypto.com App, in the coming months. This expansion into the retail segment reflects Crypto.com’s commitment to providing diverse and accessible cryptocurrency solutions to users worldwide.
Eric Anziani, the platform’s COO, believes that this new development will drive long-term growth for the company. He stated, “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.”
Overall, Crypto.com’s full operational approval in Dubai represents a significant step forward for the platform and the cryptocurrency industry as a whole. With plans to expand services globally, Crypto.com is poised to make a lasting impact on the world of cryptocurrency trading.
