Crypto.com's Dubai-based entity, CRO DAX Middle East FZE, has achieved a significant milestone by securing full operational approval from Dubai's Virtual Asset Regulatory Authority (VARA), positioning itself as the first cryptocurrency exchange in the United Arab Emirates (UAE) authorized to conduct operations with fiat currencies.
This approval follows an announcement made on April 9, confirming that Crypto.com has successfully fulfilled the pre-operational conditions stipulated in the Virtual Asset Service Provider License granted to CRO DAX Middle East FZE in November 2023.
With operational approval secured, Crypto.com is now poised to introduce its exchange services to institutional investors, offering a range of services such as spot trading, collateral brokerage, and over-the-counter (OTC) products with settlement options in selected markets.
The CEO of Crypto.com emphasized the significance of this achievement, highlighting the company's dedication to collaborating closely with regulators to drive responsible growth within the industry. He also underscored the importance of launching the Institutional Services Exchange as a pivotal step in the company's expansion efforts in the region.
Stuart Isted, the general manager of Crypto.com's Middle East and Africa branch, echoed these sentiments, emphasizing the company's commitment to working in tandem with VARA to advance the crypto industry in a responsible manner.
Despite originating in Hong Kong in 2016 and being headquartered in Singapore, Crypto.com has been actively expanding its global presence. Additionally, Crypto.com forged a partnership with Latin America's largest investment bank to promote the BTG Dol stablecoin and announced plans to launch its cryptocurrency trading app for South Korean retail investors. However, the exchange has faced regulatory scrutiny, notably from the Dutch central bank, which fined Crypto.com for registration violations. Despite this, Crypto.com remains registered in the Netherlands and continues its operations.
