Dubai’s Virtual Assets Regulatory Authority (VARA) has granted full operational approval to Crypto.com’s Dubai-based subsidiary, CRO DAX Middle East FZE.
The notification from April 9 states that Crypto.com successfully fulfilled the pre-operational requirements listed in the Virtual Asset Service Provider Licence provided to CRO DAX Middle East FZE in November 2023, when VARA gave operational authority.
This makes it the first cryptocurrency exchange in the United Arab Emirates (UAE) to be able to accept fiat currency
According to Crypto.com, the next stage is introducing its exchange to institutional investors. It will provide spot trading, staking brokerage, and over-the-counter (OTC) offerings surrounding settlements for specific markets to qualified individual investors and institutional clients.
Chief operating officer and president Eric Anziani told Cointelegraph:
“Being the first global crypto operator operational with fiat in the UAE is a significant milestone and reflects our dedication to working closely with regulators to advance the industry responsibly.”
Additionally, he stated that establishing their institutional services exchange will be “fundamental” to the business’s sustained expansion in the area.
Like Anziani’s remarks, Stuart Isted, general manager of Crypto.com’s Middle East and Africa division, emphasized the company’s commitment to working with VARA to grow the cryptocurrency business “responsibly.”
Established in Hong Kong in 2016, Crypto.com is now based in Singapore. Nonetheless, it has been extending its global influence during the previous year.
Anziani discussed in February in an interview with Cointelegraph how Europe’s adoption of the Markets in Crypto-Assets (MiCA) law could hasten the regional spread of significant cryptocurrency exchanges. This year marks the legislation’s implementation.
Subsequently, the most significant investment bank in Latin America and Crypto.com announced their partnership to promote BTG Pactual’s BTG Dol stablecoin by matching it with digital assets like Bitcoin and Ether on their trading platform.
It declared on April 2 that South Korean retail investors would be able to access its Bitcoin trading app starting on April 29.
Regulators have also been watching the exchange since the Dutch central bank said that it had punished Crypto.com for failure to register. The exchange registered and continued business in The Netherlands despite filing an objection to the fine.
