Key Takeaways:
- Crypto.com has received full operational approval from Dubai’s Virtual Assets Regulatory Authority (VARA), marking it as the first global crypto firm authorized to operate with fiat in the UAE.
- The license enables Crypto.com to target institutional investors in Dubai, with plans to expand offerings to retail users and launch additional products.
- Despite facing regulatory and operational challenges globally, Crypto.com continues to secure significant regulatory milestones, including approvals in Singapore, France, Brazil, and the U.K.
Crypto.com has successfully secured full operational approval to commence its services in Dubai, primarily focusing on institutional investors.
This achievement marks a significant milestone, positioning Crypto.com as the first global cryptocurrency firm to operate with fiat currency within the United Arab Emirates (UAE).
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
The approval was granted by Dubai’s Virtual Assets Regulatory Authority (VARA), acknowledging Crypto.com’s local entity, CRO DAX Middle East FZE, which is now listed on VARA’s public register.
This development is part of a broader trend in the UAE, where regulatory bodies have recently extended approvals to a number of cryptocurrency entities, including Deribit, M2, Rain, Nexo, Fasset, and OKX.
We're excited to announce our full operational approval from Dubai’s Virtual Assets Regulatory Authority 🇦🇪.https://t.co/bbHWVWC33P becomes the first global crypto operator to be operational with fiat in the UAE.
— Eric Anziani (@ericnode) April 9, 2024
Learn more:https://t.co/fDGiBcEYCN pic.twitter.com/PIPbZI8qvq
Crypto.com’s license from VARA not only highlights its pioneering status in the region but also underscores its plans to expand its offerings, with a focus on launching additional products aimed at retail users.
Over the past year, Crypto.com has experienced a series of significant regulatory milestones, including obtaining approvals to operate in markets such as Singapore, France, Brazil, and the U.K.
https://t.co/pFc4Pz8PQj becomes the first global crypto operator securing full operational approval from Dubai’s Virtual Assets Regulatory Authority 🇦🇪 https://t.co/8bwQyj5Dup
— Kris | Crypto.com (@kris) April 9, 2024
However, it has also faced challenges, such as fines in the Netherlands, workforce reductions, and difficulties in maintaining fiat currency channels amid last year’s banking turmoil.
Eric Anziani, Crypto.com’s President and Chief Operating Officer, emphasized the importance of launching the Crypto.com Exchange’s institutional services in Dubai.
https://t.co/dQCmImG4S8 secures a full operational licence in Dubai as the UAE aims to establish high-growth 'crypto capital'
— The National (@TheNationalNews) April 9, 2024
He views this as a crucial step towards fostering the company’s growth and establishing a strong presence in a key strategic market.
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