Cryptocurrency exchange Crypto.com announced that its Dubai-based unit, CRO DAX Middle East FZE, has received full operational approval from the Dubai Virtual Asset Regulatory Authority (VARA).
As a result, the Crypto.com exchange will launch services for institutional investors as the first phase of its operations.
This approval comes after Crypto.com fulfilled the requirements of its virtual asset service provider license, which was issued by CRO DAX Middle East FZE in November 2023, and marks the first time a global crypto operator is operating in fiat currencies in the UAE.
The Crypto.com exchange, which is available to institutional clients and qualified retail investors, offers spot trading, staking, and other OTC settlement offerings in select markets, according to the company's blog post.
In addition, the securing of full authorization has allowed Crypto.com to begin implementing its plans to launch new products to the market in the coming months, including the Crypto.com app and retail-focused products.
"We are very excited to expand our presence and offerings in the UAE with the support of VARA," said Eric Anziani, President and COO of Crypto.com.
"The launch of our world-class Crypto.com exchange with institutional services will be fundamental to our continued growth and success in such a key market for our company," he emphasized.
"We support the steps Dubai is taking to grow the crypto industry," added Stuart Isted, General Manager for Middle East and Africa at Crypto.com. "We look forward to continuing to work closely with VARA in our joint efforts to develop the sector in an efficient and responsible manner."
Crypto.com has been operating since 2016, providing services to more than 80 million clients worldwide. In addition to live leveraged cryptocurrency trading, traders can earn money by investing in the Supercharger program.
