In a significant stride towards expanding its global footprint, Crypto.com, a leading digital asset exchange headquartered in Singapore, has secured full operational approval from Dubai’s Virtual Assets Regulatory Authority (VARA) for its local entity. This milestone achievement propels Crypto.com’s presence in the United Arab Emirates (UAE) market, marking the first time a global crypto operator has gained operational status with fiat capabilities in the region.
Empowering Institutional Investors
Under its local entity, CRO DAX Middle East FZE, Crypto.com now stands registered on VARA’s public roster. This pivotal development paves the way for institutional investors across the UAE to access the Crypto.com exchange, offering a comprehensive platform for trading digital assets with regulatory compliance.
The approval from VARA adds Crypto.com to the list of esteemed crypto entities that have garnered regulatory green lights within the UAE in recent months. Notable names include Deribit, M2, Rain, Nexo, Fasset, and OKX, indicating a growing acceptance and adoption of cryptocurrencies in the region.
Future Endeavors and Expansion Plans
With the full license from VARA in hand, Crypto.com looks ahead to launching a series of innovative products tailored for both institutional and retail users. This strategic move aligns with the company’s vision to diversify its offerings and enhance accessibility to the burgeoning crypto market.
Navigating Challenges
Despite notable successes, Crypto.com has encountered challenges in recent times, including regulatory fines in the Netherlands, organizational restructuring, and navigating banking crises affecting fiat on-ramps. However, the company remains resilient and adaptive, poised to overcome hurdles and drive continued growth.
Eric Anziani, President and Chief Operating Officer of Crypto.com, expressed confidence in the company’s trajectory, emphasizing the significance of launching institutional services in the UAE as a pivotal step towards sustained growth and success in the region.
