Dubai Approves Crypto.com Trading

Crypto.com’s subsidiary, CRO DAX Middle East FZE, based in Dubai, has been granted full operational approval by Dubai’s Virtual Assets Regulatory Authority (VARA). This approval marks a significant milestone as it makes Crypto.com the first crypto exchange permitted to operate with fiat currency in the United Arab Emirates (UAE). VARA’s approval comes after Crypto.com successfully fulfilled the pre-operational conditions outlined in the Virtual Asset Service Provider Licence awarded to CRO DAX Middle East FZE in November 2023. The company’s next step is to introduce its exchange for institutional investors, offering spot trading, staking brokerage, and over-the-counter (OTC) offerings.

Eric Anziani, the President and COO of Crypto.com, expressed the company’s dedication to working closely with regulators to advance the crypto industry responsibly. He stated that becoming the first global crypto operator operational with fiat currency in the UAE is a significant achievement and launching their institutional services exchange will be crucial for the company’s growth in the region. Stuart Isted, the General Manager of Crypto.com’s Middle East and Africa branch, echoed these sentiments and emphasized their commitment to collaborating with VARA to advance the industry responsibly.

Crypto.com was originally founded in Hong Kong in 2016 but currently operates out of Singapore. It has been expanding its presence worldwide over the past year. In February, Anziani discussed how Europe’s implementation of the Markets in Crypto-Assets (MiCA) legislation could support the expansion efforts of major cryptocurrency exchanges in Europe. This legislation will come into effect later this year. Crypto.com recently partnered with Latin America’s largest investment bank to promote BTG Pactual’s stablecoin, BTG Dol, by pairing it with digital assets like Bitcoin and Ether on its trading platform. It was also announced that Crypto.com would launch its cryptocurrency trading app for South Korean retail investors in April.

Although Crypto.com has been making strides globally, it has faced regulatory scrutiny. The Dutch central bank fined the company for registration violations, prompting Crypto.com to file an objection. The exchange ultimately registered and continued operations in the Netherlands. Despite these challenges, Crypto.com’s operational approval in Dubai demonstrates its commitment to responsible growth and collaboration with regulators in different regions.