Crypto.com, the world’s leading cryptocurrency exchange, has achieved full operational approval from the Dubai Virtual Assets Regulatory Authority (VARA), making it the first crypto exchange with fiat currency to operate legally in the United Arab Emirates (UAE). This approval reflects Crypto.com’s commitment to regulatory compliance and Dubai’s proactive stance on cryptocurrency.
Receiving the VARA credit demonstrates Crypto.com’s adherence to pre-operational requirements, which were necessary to obtain the virtual liquidity service provider license in November 2023. Institutional investors can now access Crypto.com’s exchange services, including spot market trading, token staking, and high-volume cryptocurrency brokerage. This development aims to serve institutional customers and informed retail investors in the UAE, fostering a thriving crypto ecosystem in the country.
Eric Anziani, President and COO of Crypto.com, emphasized the significance of this achievement, stating, “As the world’s first global crypto operator with fiat in the UAE, our collaboration with regulators reflects our responsible approach to the industry in the region.” Stuart Isted, General Manager of Crypto.com, echoed this sentiment.
Crypto.com’s expansion into Dubai is part of its broader strategy to enhance its global presence. Since its establishment in Hong Kong in 2016 and its current operations in Singapore, the company has been seeking opportunities to expand into new locations. This includes strategic partnerships, such as collaboration with the largest private investment bank in Latin America to promote price stability of the BTG Dol stablecoin, and the launch of its trading application in South Korea to establish itself as a global leader in the field.
This move into Dubai comes at a time when Europe is considering the Markets in Crypto-Assets Regulation (MiCA), which could further facilitate Crypto.com’s expansion into the European market. The regulatory landscape for cryptocurrencies is rapidly evolving, and Crypto.com’s proactive approach to compliance and engagement with regulatory agencies positions it for significant success in the international market.
While Crypto.com has faced regulatory challenges, such as a penalty from the Dutch central bank for illegal registration, the company has proven its resilience by rectifying the situation and complying with regulations. This achievement in Dubai demonstrates Crypto.com’s ability to navigate complex regulatory systems and expand its presence in new markets.
In conclusion, Crypto.com’s approval to operate in Dubai validates its growth strategy and underscores the increasing trust in regulated and reliable digital currencies. This move represents the first coin-to-coin exchange within the UAE and positions Crypto.com as a leader in the virtual assets industry. Crypto.com’s role is to bridge the gap between crypto businesses and regulatory authorities, promoting complementarity and efficiency in the cryptocurrency environment.
