As a seasoned crypto investor with over a decade of experience in this dynamic market, I am thrilled about Crypto.com’s strategic move into the UAE. Having navigated through various regulations and market fluctuations, I can attest to the significance of a well-regulated environment that fosters growth and innovation – something the UAE has proven to offer.
In simple terms, Crypto.com – a well-established cryptocurrency exchange operating under strict regulations and boasting over 100 million global users – has introduced a new service for customers residing in the United Arab Emirates (UAE). As stated in their announcement, this new product is called the AED Fiat Wallet, which enables UAE users to effortlessly trade cryptocurrencies.
To use the Crypto.com AED Fiat Wallet, users must first create an account using a UAE phone number and then trade various cryptocurrencies effortlessly. Funding for the AED Fiat Wallet accounts can be done through bank transfers, enabling users to buy cryptocurrencies in a cost-free setting with enhanced security.
Tarik Erk, General Manager MEA at Crypto.com, explained that the recent wallet launch is a result of our global banking collaboration with Standard Chartered, which we disclosed in August, and ongoing support from VARA. This partnership allows us to extend our reach across the UAE. Our primary goal is to provide our customers with a smooth, top-tier experience, emphasizing simplicity when it comes to deposits and withdrawals – empowering our clients to engage effortlessly with our products and services in various ways.
Through a new collaboration among Crypto.com, Standard Chartered, and VARA, we’ve been able to accelerate the rollout of our AED Fiat Wallet in the UAE. This partnership will make it easier for more people to get involved with cryptocurrency by reducing entry barriers.
In summary, there will be no charges for depositing AED into the AED Fiat Wallet via bank accounts. The minimum deposit amount per transaction is approximately AED 10, with a daily limit of either AED 4 million or the number of transactions reached first. Monthly, the AED Fiat Wallet allows users to store up to AED 40 million.
Crypto.com and the UAE Web3 Space
This year, Crypto.com disclosed that it secured complete operational authorization from Dubai’s Virtual Assets Regulatory Authority (VARA). Entering the UAE market was pivotal for the company as it aims to broaden its reach into the MENA region, where web3 industry adoption has noticeably grown in recent times.
According to Coinspeaker’s latest report, it’s Chainlink (LINK), Binance, and Coinbase Global Inc (NASDAQ: COIN) that are drawing more web3 startups towards the UAE. This surge is partly due to the UAE government’s active backing of the cryptocurrency sector, a move aimed at enhancing its economic development.
Launching the AED Fiat Wallet strategically could strongly enhance the positive outlook for the Cronos (CRO) token, a native token within the Crypto.com platform. Currently, CRO has a fully diluted market capitalization estimated at around 5.2 billion dollars and an average daily trading volume of approximately 78 million dollars.
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2024-12-11 22:06