The Virtual Assets Regulatory Authority (VARA) in Dubai Approves Crypto.com’s Subsidiary
The Virtual Assets Regulatory Authority (VARA) in Dubai has granted full operational approval to Crypto.com’s Dubai subsidiary, CRO DAX Middle East. This approval makes Crypto.com the first foreign exchange to operate with fiat currency within the UAE. The company plans to set up the Crypto.com Exchange for institutional investors, focusing on both qualified individual investors and institutional clients.
Crypto.com Dubai Gains VARA Nod, Targets Institutional Investors
With the approval from VARA, Crypto.com’s Dubai subsidiary will provide spot trading and staking brokerage services to its users in Dubai. Additionally, it will offer over-the-counter (OTC) offerings related to settlements for specific markets. Eric Anziani, president and chief operating officer at Crypto.com, expressed his excitement about being the first global crypto operator operational with fiat in the UAE. He stated that this achievement reflects their dedication to working closely with regulators to advance the industry responsibly.
Crypto.com plans to expand its presence in Dubai and further enhance its offerings in the coming months. The company commends Dubai for its positive reception of crypto projects and is committed to working closely with VARA to effectively and responsibly advance the sector.
More About Crypto.com in Dubai
Crypto.com has been actively improving its relationship with regulators. Last year, the exchange secured a Minimal Viable Product (MVP) preparatory license from VARA. This license followed a preliminary clearance received by the cryptocurrency exchange. The establishment of VARA under Dubai’s Virtual Asset Regulation Law has played a pivotal role in positioning Dubai as a fast-growing crypto hub.
Founded in Hong Kong in 2016, Crypto.com operates from Singapore and has been expanding its presence to other regions. The exchange is set to launch its Crypto.com app and other products for individual investors. It also plans to introduce a trading platform specifically for Korean users on April 29.
Closing Thoughts
The full operational approval granted by VARA to Crypto.com’s Dubai subsidiary is a significant milestone for the company. It establishes Crypto.com as the first foreign exchange to operate with fiat currency in the UAE, further solidifying Dubai’s position as a crypto-friendly hub. As Crypto.com continues to expand its presence and offerings, it is evident that the company is committed to working closely with regulators to ensure responsible advancement of the crypto industry.
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