Crypto.com has announced that it is now fully operational in the United Arab Emirates (UAE) after receiving final approval from Dubai’s Virtual Assets Regulatory Authority (VARA). The approval was granted to Crypto.com’s Dubai entity, CRO DAX Middle East FZE, and marks the launch of the Crypto.com Exchange for institutional investors.
This milestone comes after VARA also granted a license to OKX, although it is not yet operational. As a result, Crypto.com is the first global crypto exchange to receive a full active license. The company will now be able to serve institutional clients and qualified retail investors.
With this approval, Crypto.com is planning to introduce additional products in the UAE market in the coming months, including the Crypto.com App and other products targeted at retail users.
Eric Anziani, President and Chief Operating Officer of Crypto.com, expressed his excitement about expanding the company’s presence in the UAE and launching its institutional services. He sees this as a crucial step for the company’s growth and success in such an important market.
Stuart Isted, General Manager, Middle East and Africa of Crypto.com, also expressed support for Dubai’s efforts to advance the crypto industry. He emphasized that this is just the beginning and that Crypto.com looks forward to working closely with VARA to responsibly progress the sector.
VARA has already issued 21 Virtual Asset Service Provider (VASP) licenses to date. AquaNow was granted a license in February, and the CEO has expressed a commitment to onboarding the financial sector.
As regulatory compliance becomes increasingly important, more international crypto exchanges are seeking licenses in the UAE. Bybit is expected to be the next exchange to receive a license, as it is listed on VARA’s registry. Binance is also likely to follow suit. Local crypto brokers and exchanges, such as CoinMENA and M2 based in Abu Dhabi, have already obtained licenses in recent months.
