Ramazan Eles 
Crypto.com, a leading cryptocurrency exchange, has secured a full operational license from Dubai’s Virtual Assets Regulatory Authority (VARA). This marks a significant milestone for the Singapore-based company, granting them permission to operate within the United Arab Emirates (UAE).
The license, awarded to Crypto.com’s local entity CRO DAX Middle East FZE, will initially cater to institutional investors. This means that accredited institutions in the UAE can now leverage the Crypto.com exchange for their digital asset needs.
Dubai Emerges as a Crypto Hub
The UAE, and particularly Dubai, has been actively courting cryptocurrency firms in recent months. Crypto.com joins a growing list of crypto entities receiving regulatory approval from UAE authorities, including Deribit, M2, Rain, Nexo, Fasset, and OKX.
Crypto.com Claims “First-Mover” Advantage
According to Crypto.com, this full license from VARA makes them the first global crypto exchange to operate with fiat currency (like USD or EUR) within the UAE. This positions them as a frontrunner in the emerging Dubai crypto market.
While the initial focus is on institutional investors, Crypto.com hints at plans for broader product offerings. The company suggests future launches catering to retail users, expanding their reach within the UAE.
The past year has seen Crypto.com navigate a mix of successes and challenges. Regulatory approvals in Singapore, France, Brazil, and the UK marked positive developments. However, they also faced setbacks, including fines in the Netherlands, workforce reductions, and difficulties maintaining fiat on-ramps during a banking crisis.
Despite these challenges, Crypto.com remains optimistic about their future in Dubai. Eric Anziani, President and Chief Operating Officer of Crypto.com, views the launch of institutional services as “fundamental” to their continued growth within this key market.
Also, you can freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram ,YouTube and Twitter channels for the latest news and updates.