Digital asset trading platform Crypto.com has announced that its Dubai entity, CRO DAX Middle East FZE, has received full operating approval from the Dubai Virtual Asset Regulatory Authority (VARA) and is launching the Crypto.com Exchange for institutional investors as its first operational milestone.
This operational approval follows Crypto.com’s fulfillment of the pre-operational conditions set out in the Virtual Asset Service Provider License granted to CRO DAX Middle East FZE in November 2023 and marks the first for a global fiat-based crypto operator in the UAE.
Available to institutional clients and qualified retail investors, Crypto.com Exchange, which features deep liquidity and a state-of-the-art matching engine, offers spot trading, betting brokerage and other OTC offers around settlements for select markets. With this full operational approval, Crypto.com said it has also initiated plans for further in-market product launches expected in the coming months, including the Crypto.com app and additional products focused on retail users.
Eric Anziani, President and Chief Operating Officer of Crypto.com said:
“We are excited to expand our presence and offering in the UAE with the support of VARA. Launching with the world-renowned institutional Crypto.com Exchange will be fundamental to our continued growth and success in such an important market for our company.”
Stuart Isted, General Manager Middle East and Africa at Crypto.com added:
“We are incredibly supportive of the steps Dubai is taking to advance the crypto industry, both in the market and abroad. But this is still just the beginning and we look forward to continuing to work closely with VARA in our collective efforts to promote the industry effectively and responsibly.”