Crypto.com Receives Full Approval from Dubai’s VARA, Paving the Way for Institutional Investors
In a significant development for the cryptocurrency industry, Singapore-based digital asset exchange Crypto.com has announced that Dubai’s Virtual Assets Regulatory Authority (VARA) has granted it full operational approval. This approval allows Crypto.com’s local entity, CRO DAX Middle East FZE, to cater to institutional investors within the United Arab Emirates (UAE) through the Crypto.com exchange.
The approval from VARA marks a milestone for Crypto.com as it becomes the first global crypto platform approved for fiat transactions in the region. This move not only highlights Crypto.com’s commitment to global regulatory compliance but also signifies its expansion efforts in the Middle East market.
Dubai’s growing reputation as a hub for digital assets and blockchain technology is further solidified by VARA’s approval of Crypto.com. In recent months, several other crypto entities, including Deribit and OKX, have also received regulatory approvals from VARA, showcasing the emirate’s support for the digital asset industry.
Eric Anziani, President and Chief Operating Officer of Crypto.com, expressed his excitement about expanding the company’s presence in the UAE with the support of VARA. He emphasized the importance of launching Crypto.com Exchange institutional services in the region to drive growth and success.
This approval also marks the first time a global crypto operator has been granted the ability to operate with fiat currency in the UAE. Crypto.com has indicated its plans to introduce additional products aimed at retail users, further diversifying its offerings in the region.
Despite facing setbacks in the past, including a workforce reduction in January 2023 due to industry challenges, Crypto.com has continued to expand its operations globally. The company has obtained approvals to operate in markets such as the Netherlands, Spain, and Singapore, demonstrating its commitment to regulatory compliance.
Overall, Crypto.com’s approval from VARA not only strengthens its position in the Middle East market but also aligns with Dubai’s ambition to establish itself as a global leader in the virtual asset field. This development sets the stage for increased institutional participation in the cryptocurrency market in the UAE, further driving the growth and adoption of digital assets in the region.
