Crypto.com has achieved a major milestone in its expansion efforts with the acquisition of a full operational license from Dubai’s Virtual Assets Regulatory Authority (VARA). This marks a historic moment as Crypto.com becomes the first crypto exchange globally to operate with fiat currency in the United Arab Emirates (UAE).
With this authorization, Crypto.com can now cater to institutional and qualified investors in Dubai, offering a comprehensive suite of services including spot trading, brokerage, staking, and Over-The-Counter (OTC) offerings. This approval also highlights Crypto.com’s commitment to regulatory compliance and its dedication to expanding its presence in key markets.
The Chief Operating Officer of Crypto.com, Eric Anziani, expressed the significance of launching institutional services in Dubai, emphasizing its role in driving the company’s growth and success in the region. The company completed a rigorous four-step process outlined by VARA, demonstrating its adherence to regulatory standards and readiness to navigate the complex landscape of the UAE’s financial sector.
As the UAE continues 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.
In addition to Dubai, Crypto.com has plans for additional product launches and regulatory approvals in various jurisdictions. With over 50 million users globally, the company continues to solidify its position as a leading platform in the crypto industry, leveraging its innovative solutions to meet the evolving needs of investors worldwide.
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