Crypto.com Scores Full Operational Approval in Dubai, Launches Crypto.com Exchange for Institutional Investors

Crypto exchange Crypto.com announced Tuesday that its Dubai entity, CRO DAX Middle East FZE, has secured full operational approval from Dubai's Virtual Assets Regulatory Authority (VARA). Meanwhile, the entity is introducing the Crypto.com Exchange for institutional investors.

In November 2023, CRO DAX Middle East FZE has been granted a Virtual Assets Service Provider (VASP) Licence​ for specified virtual asset service activities by Dubai's VARA.

With the full operational approval, Crypto.com plans to launch further in-market product in the coming months, including the Crypto.com App and additional retail-user focused products.

According to the official press release, available to institutional clients and qualified retail investors, the Crypto.com Exchange delivers spot trading, staking brokerage and other OTC offerings around settlements for selected markets.

"We are thrilled to expand our presence and offering in the UAE with the support of VARA," said 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."

"We are incredibly supportive of the steps Dubai is taking to progress the crypto industry, both in-market and abroad," said Stuart Isted, General Manager, Middle East and Africa of Crypto.com. "But this is still just the beginning, and we look forward to continuing to work closely with VARA in our collective efforts to effectively and responsibly advance the sector."

At 2023 end, Crypto.com has booked an authorization as an Electronic Money Institution (EMI) in the UK​.