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Crypto.com's Dubai branch, CRO DAX Middle East FZE, has received a Virtual Assets Service Provider (VASP) license from the city-state's regulator.
The approval paves the way for the company to expand its service offerings to both retail and institutional investors in the region.
The VASP license allows Crypto.com to offer a range of services including exchange operations, broker-dealer functions, investment services, and lending and lending facilities.
According to the statement, Crypto.com received the operating license after meeting the terms of the Virtual Asset Service Provider License issued to CRO DAX Middle East FZE in November 2023. This is the first time a global cryptocurrency operator has been authorized to operate fiat currency in the UAE.
The platform is now open to institutional clients and eligible retail investors and offers services such as spot trading, staking brokerage and select over-the-counter (OTC) transactions for settlement in certain markets.
Following this approval, Crypto.com plans to expand its offerings in the coming months, including the launch of the Crypto.com app and additional products for consumer users.
“We are pleased to expand our presence and offering in the UAE with the support of VARA. “Launching our world-class Crypto.com institutional exchange services will be fundamental to our continued growth and success in a market that is so important to our company,” said Eric Anziani, President and COO of Crypto.com.
“We strongly support the steps Dubai is taking to advance the crypto industry both in the market and abroad. But this is just the beginning and we look forward to continuing to work closely with VARA in our joint efforts to advance the sector effectively and responsibly,” added Stuart Isted, GM for the Middle East and Africa at Crypto.com.
Since February 2023, Dubai has required cryptocurrency companies to obtain authorization and the necessary licenses to conduct operations. Obtaining a full license is a three-step process that includes obtaining a preliminary permit, obtaining a preparatory license, and finally obtaining an operating license. The exchange had previously received a preliminary license from VARA in June 2022, followed by a preliminary minimum viable product (MVP) license in March 2023.
The choice of Dubai as the hub for Crypto.com's operations in the Middle East and North Africa highlights the company's growing importance in the international cryptocurrency industry.
This move comes at a time when the regulatory landscape in the United States has become increasingly challenging for cryptocurrency companies. In contrast, Dubai has emerged as a preferred destination for crypto businesses and offers clear regulatory guidelines.
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