Crypto.com is now fully operational in the UAE after receiving the final approval from Dubai’s virtual asset regulatory authority VARA.
In its press release Crypto.com, announced that its Dubai entity, CRO DAX Middle East FZE, 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 comes after OKX also received its license ( still non-operational) from VARA. As such Crypto.com is the first global crypto exchange to receive a full active license.
Crypto.com will be able to serve institutional clients and qualified retail investors. 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.
“We are thrilled to expand our presence and offering in the UAE with the support of VARA,” said Eric Anziani, President and Chief Operating Officer of Crypto.com. “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 are incredibly supportive of the steps Dubai is taking to progress the crypto industry, both in-market and abroad,” said Stuart Isted, General Manager, Middle East and Africa of Crypto.com. “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.”
To date VARA has licensed 21 VASP licenses. In February it granted AquaNow a license and later on its CEO in an interview noted that it would be working to onboard the financial sector.
More and more international crypto exchanges are seeking licenses in the UAE as regulatory compliance becomes a must.
Next up should be Bybit, who are listed on VARA’s registry as in the process of receiving a license and ofcourse Binance. Already local crypto brokers and exchanges have received licenses in the past months, including CoinMENA and M2 based out of Abu Dhabi.
