Crypto.com acquires full operational license in Dubai
- Crypto.com secures historic full operational license from Dubais VARA.
- The license pioneers fiat operations in UAE crypto landscape.
- Crypto.com can now cater to institutional investors, offering diverse services including spot trading and staking.
Crypto.com, a leading global crypto exchange, has achieved a groundbreaking milestone in its expansion efforts with the acquisition of a full operational license from Dubais Virtual Assets Regulatory Authority (VARA).
We're excited to announce our full operational approval from Dubais Virtual Assets Regulatory Authority
Cryptocom Exchange will be available for institutional investors as our first launch in the region pic.twitter.com/6ZhHDdzPcT
Crypto.com (@cryptocom) April 9, 2024
The approval marks a historic moment as Crypto.com becomes the first crypto exchange globally to operate with fiat currency in the United Arab Emirates (UAE).
Crypto.com operations in Dubai
VARAs granting of a full operational license to Crypto.com paves the way for the exchange to cater to institutional and qualified investors in Dubai. With this authorization, Crypto.com can provide a comprehensive suite of services tailored to the needs of its clients, including spot trading, brokerage, staking, and Over-The-Counter (OTC) offerings.
The development underscores Crypto.coms commitment to regulatory compliance and its dedication to expanding its presence in key markets.
Eric Anziani, the Chief Operating Officer of Crypto.com, expressed the significance of launching institutional services in Dubai, emphasizing its role in driving the companys growth and success in the region.
The completion of a rigorous four-step process outlined by VARA demonstrates Crypto.coms adherence to regulatory standards and its readiness to navigate the complex landscape of the UAEs financial sector.
Crypto.com positioned to capitalize on Dubais growing market
As the UAE endeavours to modernize its financial ecosystem through the adoption of cryptocurrencies, VARAs 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 regions growing market and contribute to the development of a borderless digital economy.
Crypto.coms expansion initiatives extend beyond Dubai, with plans for additional product launches and regulatory approvals in various jurisdictions.
With over 50 million users globally, Crypto.com 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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