Crypto.com Handed Licence To Trade In Dubai
Crypto.com has announced that its Dubai entity, CRO DAX Middle East, 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 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 offers spot trading, staking brokerage and other OTC offerings around settlements for selected markets.
Crypto.com in Dubai
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.”
We're excited to announce our full operational approval from Dubai’s Virtual Assets Regulatory Authority 🇦🇪
— Crypto.com (@cryptocom) April 9, 2024
Crypto․com Exchange will be available for institutional investors as our first launch in the region 🙌 pic.twitter.com/6ZhHDdzPcT
Stuart Isted, General Manager, Middle East and Africa 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.”
