As noted by Eric Anziani, President and COO at Crypto.com, “We are thrilled to expand our presence and offering in the UAE with the support of VARA.”
Crypto.com has obtained full operational approval from the Virtual Assets Regulatory Authority (VARA), the regulatory body that oversees virtual assets in Dubai. This makes Crypto.com the first crypto exchange to receive authorization to operate in fiat currencies in the UAE.
According to the official blog post, the Singapore-based firm seeks to launch an exchange that caters to its institutional clientele as the “first operational milestone” after receiving the license. The platform will offer staking brokerage, spot trading, and other Over-The-Counter services to its institutional investors and certain retail clients who meet the necessary qualifications to trade on the exchange.
The announcement came almost two years after Crypto.com initiated the process to receive the operational permit in Dubai. In June 2022, the firm completed the first stage of the three-step authorization procedure by securing the initial provisional license from VARA. By March 2023, Crypto.com had received the preparatory license, before acquiring the Virtual Assets Service Provider (VASP) license in November.
