Crypto.com secures full operational licence in Dubai

Crypto.com’s Dubai-based entity, CRO DAX Middle East FZE, has secured full operational approval from Dubai’s Virtual Assets Regulatory Authority (VARA), making it the first crypto exchange to be allowed to operate with fiat currency in the United Arab Emirates (UAE).

According to the April 9 announcement, the operational approval granted by VARA follows Crypto.com’s successful fulfillment of pre-operational conditions outlined in the virtual asset service provider license awarded to CRO DAX Middle East FZE in November 2023.

The licence will allow the exchange to launch crypto services to institutional and retail investors in the UAE and the broader Middle East, Singapore-based Crypto.com said in a statement on Tuesday.

Crypto.com, which serves more than 80 million customers globally, offers spot trading, staking brokerage and other over-the-counter offerings around settlements.

The company also plans to launch more in-market products in the coming months, including the Crypto.com app and additional retail-user focused products, it said.

The Vara licence "will be fundamental to our continued growth and success in such a key market for our company", said Eric Anziani, president and chief operating officer of Crypto.com.

The approval follows a licence granted in November that allowed Crypto.com to offer specified virtual asset service activities.