Crypto.com’s Dubai-based entity received full operational approval from Dubai’s virtual asset regulator, becoming the first exchange in the UAE permitted to operate with fiat currency.
Crypto.com’s Dubai-based entity, CRO DAX Middle East FZE, has secured full operational approval from Dubai’s Virtual Assets Regulatory Authority (VARA), making it the first crypto exchange to be allowed to operate with fiat currency in the United Arab Emirates (UAE).
According to the April 9 announcement, the operational approval granted by VARA follows Crypto.com’s successful fulfillment of pre-operational conditions outlined in the virtual asset service provider license awarded to CRO DAX Middle East FZE in November 2023.
Crypto.com said its next step is to introduce its exchange for institutional investors. It will cater to institutional clients and qualified retail investors with services including spot trading, staking brokerage and over-the-counter (OTC) offerings around settlements for selected markets.
