Crypto.com to Operate with Fiat in UAE

Crypto.com becomes the first exchange in the UAE approved to operate with fiat currency, expanding services and regulatory compliance.

Crypto.com’s Dubai entity, CRO DAX Middle East FZE, has achieved full operational approval from the Virtual Assets Regulatory Authority (VARA) of Dubai. This milestone makes Crypto.com as the first cryptocurrency exchange in the United Arab Emirates (UAE) with the authority to handle transactions involving fiat currency. This approval comes after Crypto.com met the specific pre-operational criteria set out in its virtual asset service provider license obtained in November 2023.

The approval from VARA signifies a pivotal advancement for Crypto.com, underlining its commitment to adhere to regulatory frameworks and bolster the responsible development of the cryptocurrency sector in the region. Crypto.com can now roll out its exchange services to institutional investors, offering an array of services including spot trading, staking, brokerage, and over-the-counter (OTC) trading for selected markets.

Expanding Services and Regulatory Compliance

Crypto.com has outlined its strategy to launch an exchange specifically designed for institutional clients and qualified retail investors, aiming to solidify its presence in the UAE’s burgeoning crypto ecosystem. This strategic move is part of Crypto.com’s broader initiative to extend its footprint globally, while ensuring compliance with local regulations and fostering a responsible cryptocurrency trading environment.

Eric Anziani, the company’s president and chief operating officer, highlighted this approval as a significant step towards Crypto.com’s commitment to align with regulatory standards and contribute to the industry’s growth in a responsible manner. Furthermore, Stuart Isted, general manager of Crypto.com’s Middle East and Africa operations, reinforced the company’s dedication to collaborative regulatory compliance, underscoring the importance of such partnerships in advancing the crypto industry.

Founded in Hong Kong in 2016 and currently headquartered in Singapore, Crypto.com has been actively expanding its global operations. The company made significant strides in Europe, particularly following the introduction of the Markets in Crypto-Assets Regulation (MiCA), which will streamline crypto exchange expansions across the continent.

Lastly, Crypto.com’s initiatives are not confined to regulatory compliance and expansion. The exchange recently announced a collaboration with Latin America’s largest investment bank to support the BTG Dol stablecoin, alongside launching its cryptocurrency trading app for South Korean retail investors. Despite facing regulatory challenges, including a fine from the Dutch central bank for registration violations, Crypto.com has continued to navigate the regulatory landscape effectively, registering and continuing its operations in The Netherlands.