Crypto.com has received full operational approval from
the Virtual Assets Regulatory Authority (VARA) for its Dubai entity, CRO
DAX Middle East FZE. This approval paves the way for the launch of the
Crypto.com Exchange, a platform targeting institutional investors in the region.
The approval from VARA signifies Crypto.com’s
compliance with the pre-operational conditions outlined in the Virtual Asset
Service Provider License granted to CRO DAX Middle East FZE back in November
2023. The license allows the crypto exchange to operate in the region with fiat
capabilities.
Stuart Isted, the General Manager, Middle East and
Africa at Crypto.com, mentioned: “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.”
We’re excited to announce our full operational approval from Dubai’s Virtual Assets Regulatory Authority 🇦🇪
Crypto․com Exchange will be available for institutional investors as our first launch in the region 🙌 pic.twitter.com/6ZhHDdzPcT
— Crypto.com (@cryptocom) April 9, 2024
The Crypto.com Exchange for institutional investors is
designed to cater to institutional clients and qualified retail investors. It
offers a range of services, including spot trading, staking brokerage, and
over-the-counter (OTC) offerings around settlements for selected markets.
According to the press release, the crypto firm plans
to expand its offerings in the region in the coming months. The expansion
include a rollout of the Crypto.com app and other retail-user focused products. Last year, Crypto.com secured a Minimal Viable Product
(MVP) Preparatory license from the VARA. This license followed a provisional
approval previously obtained by the crypto exchange.
We’re proud to announce our latest milestone in global regulatory compliance and licensure.https://t.co/vCNztATSCO has secured its MVP Preparatory License from the Virtual Asset Regulatory Authority in Dubai. 🇦🇪
Learn more:https://t.co/ApmdXpUBI3 pic.twitter.com/iwYCznyYXQ
— Crypto.com (@cryptocom) March 20, 2023
Dubai’s Crypto Regulatory Landscape
Established under the Dubai Virtual Asset Regulation
Law, VARA has been instrumental in positioning Dubai as a burgeoning global
crypto hub. The authority aims to foster a robust ecosystem for virtual…
