The Virtual Assets Regulatory Authority (VARA) in Dubai has granted full operational licence for Crypto.com, a Singapore-based digital asset exchange, for its local subsidiary, the company announced on Tuesday.
Institutional investors in the United Arab Emirates (UAE) will be able to use the Crypto.com exchange as a first step as CRO DAX Middle East FZE is now listed on VARA’s public register.
In the last few months, a number of cryptocurrency companies, including Deribit, M2, Rain, Nexo, Fasset, and OKX, have received regulatory permits from various UAE authorities.
The complete licence from VARA, according to Crypto.com, “marks a first for a global crypto operator to be operational with fiat in the UAE.”
The company stated that it intends to offer more products, including those that are targeted at retail users.
After reaching new heights in the previous year with approvals to operate in Singapore, France, Brazil, and the U.K., Crypto.com now faces fines in the Netherlands, layoffs, and challenges in keeping fiat on-ramps during the banking crisis of the previous year.
According to Eric Anziani, president and chief operating officer of Crypto.com, “launching with our world-class Crypto.com Exchange institutional services will be fundamental to our continued growth and success in such a key market for our company.”