The top cryptocurrency exchange, Crypto.com, has obtained a VARA license from Dubai, allowing it to better serve institutional investors in the Middle East and grow its worldwide footprint.
Source: coingape.com
HISTORICAL POINTS
- With the help of Dubai's VARA license, Crypto.com grows and targets Middle Eastern institutional investors.
- The cryptocurrency exchange would be able to provide its services to institutional investors with the license.
- The action by Crypto.com indicates Dubai's advanced approach to compliance and cryptocurrency.
With a big announcement, the top crypto exchange located in Singapore, Crypto.com, has focused on growing its presence around the world. Significantly, the exchange announced the most recent advancement that would enable it to expand its offerings in Dubai, signifying a turning point in its growth plan.
In the meanwhile, this calculated action highlights Crypto.com dedication to serving Middle Eastern institutional investors and strengthens its standing as a major participant in the cryptocurrency industry.
Crypto.com Acquires Dubai License To Increase Global Presence
In a ground-breaking move, Dubai's Virtual Assets Regulatory Authority (VARA) has granted Crypto.com complete operational permission. With this significant achievement, the cryptocurrency exchange may now serve institutional investors as its first offering in the area.
The accomplishment of the pre-operational conditions listed in the Virtual Asset Service Provider Licence awarded to Crypto.com Dubai subsidiary, CRO DAX Middle East FZE, in November 2023 is what has led to the operational green light in the meantime. This is significant since it represents the first time a worldwide cryptocurrency operator has obtained operating status in the United Arab Emirates using money, underscoring Crypto.com leadership in the industry.
Furthermore, Crypto.com is going to give qualified individual investors and institutional clients access to stake brokerage, spot trading, and other over-the-counter (OTC) services. With its cutting-edge matching engine and extensive liquidity, the cryptocurrency exchange is well-positioned to provide a smooth trading experience that is specific to the demands of the Middle Eastern market.
In order to strengthen its position and product offerings in the UAE market, Crypto.com has plans to introduce more products in the near future, including the Crypto.com App and retail-focused options.
Accepting Regulatory Assistance and Market Possibilities
The company's president and chief operating officer, Eric Anziani, expressed delight about Crypto.com's entry into the UAE market and emphasized the role institutional services provided by crypto exchanges have in fostering development and success. However, Stuart Isted, General Manager of Crypto.com's Middle East and Africa, shared similar views and emphasized the exchange's and VARA's joint efforts to safely grow the cryptocurrency business.
This action not only demonstrates Crypto.com's dedication to market expansion and regulatory compliance, but it also demonstrates Dubai's progressive attitude toward embracing the growth and innovation potential of the cryptocurrency industry.
The news, however, comes a month after the cryptocurrency exchange encountered difficulties in the Netherlands. For background, the Dutch central bank fined Crypto.com $3.11 million in March for operating without a registration.
