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.
VARA's approval 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 in November 2023. The license allows the crypto exchange to operate in the region with fiat capabilities.
Crypto.com's Dubai Expansion
Stuart Isted, the General Manager for 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
Crypto.com Exchange is designed for institutions and qualified retail investors. It offers a range of services, including spot trading, staking brokerage, and over-the-counter offerings in 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 includes a rollout of the Crypto.com app and other products for retail investors. Last year, Crypto.com secured a Minimal Viable Product (MVP) preparatory license from 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 assets, attracting key players into the region.
With the issuance of the MVP Preparatory license, Crypto.com joins the ranks of prominent crypto exchanges with the capability to offer a spectrum of crypto products and services, including spot and derivatives instruments for virtual assets. Besides that, Crypto.com has obtained licenses in major markets, including the United Kingdom, France, Italy, and Brazil.
Meanwhile, Crypto.com recently unveiled plans to launch a specialized trading platform exclusively for Korean users. Scheduled for release on April 29, 2024, the platform aims to cater to the unique preferences and needs of Korean investors. The firm emphasized Korea's cultural influence and the adoption of new technologies as key factors driving this initiative.
This article was written by Jared Kirui at www.financemagnates.com.
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