Tuesday, 28 May 2024
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Crypto.com acquires full operational license in Dubai

OKX secures VASP license from Dubai's VARA

  • Crypto.com secures historic full operational license from Dubai’s VARA.
  • The license pioneers fiat operations in UAE crypto landscape.
  • Crypto.com can now cater to institutional investors, offering diverse services including spot trading and staking.

Crypto.com, a leading global crypto exchange, has achieved a groundbreaking milestone in its expansion efforts with the acquisition of a full operational license from Dubai’s Virtual Assets Regulatory Authority (VARA).

The approval marks a historic moment as Crypto.com becomes the first crypto exchange globally to operate with fiat currency in the United Arab Emirates (UAE).

Crypto.com operations in Dubai

VARA’s granting of a full operational license to Crypto.com paves the way for the exchange to cater to institutional and qualified investors in Dubai. With this authorization, Crypto.com can provide a comprehensive suite of services tailored to the needs of its clients, including spot trading, brokerage, staking, and Over-The-Counter (OTC) offerings.

The development underscores Crypto.com’s commitment to regulatory compliance and its dedication to expanding its presence in key markets.

Eric Anziani, Chief Operating Officer of Crypto.com, expressed the significance of launching institutional services in Dubai, emphasizing its role in driving the company’s growth and success in the region.

The completion of a rigorous four-step process outlined by VARA demonstrates Crypto.com’s adherence to regulatory standards and its readiness to navigate the complex landscape of the UAE’s financial sector.

Crypto.com positioned to capitalize on Dubai’s growing market

As the UAE endeavours to modernize its financial ecosystem through the adoption of cryptocurrencies, VARA’s role in establishing a progressive regulatory framework will be instrumental. By anchoring its operations in Dubai, Crypto.com is well-positioned to capitalize on the region’s growing market and contribute to the development of a borderless digital economy.

Moreover, Crypto.com’s expansion initiatives extend beyond Dubai, with…

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