In simpler terms, Crypto.com, a prominent crypto exchange worldwide, revealed today that they’ve obtained a complete operational license from Dubai’s Virtual Assets Regulatory Authority (VARA). This makes Crypto.com the first global crypto exchange authorized to deal with fiat currency in the United Arab Emirates (UAE), marking a significant achievement for the company.
Crypto.com License Stirs Availability to Dubai Investors
With a complete license from VARA, Crypto.com is authorized to cater to the needs of institutional and experienced individual investors. Consequently, they plan to offer an extensive selection of services tailored to this market segment.
Eric Anziani, Chief Operating Officer of Crypto.com commented on the approval, stating:
Introducing our top-tier institutional services on Crypto.com Exchange is essential for our business’s expansion and prosperity in this significant market.
Crypto.com’s full operational license indicates its satisfactory completion of a four-step VARA process. The initial stage began in 2022 when the exchange was granted a provisional permit and preparatory licenses for a Minimal Viable Product (MVP). Subsequently, Crypto.com satisfied VARA’s pre-operational requirements in Nov. 2023.
Crypto.com’s latest move into the UAE marks a significant advancement for the company, which prioritizes expansion and the growth of its ecosystem. Boasting over 50 million users worldwide, this cryptocurrency platform is among the fastest-growing in the industry.
At the same time, Crypto.com’s Dubai branch, named CRO DAX Middle East, offers various crypto trading services. This includes spot trading and brokerage for staking. Furthermore, it provides Over-The-Counter (OTC) deals with settlements in designated markets.
Moving forward, Crypto.com announced intentions for introducing new product launches including the Crypto.com App and more, aimed at merchants. Obtaining a full VARA license further boosts Crypto.com’s licensing progress. In December, the United Kingdom Financial Conduct Authority (FCA) granted regulatory approval for Crypto.com to operate as an Electronic Money Institution (EMI) within the country.
The exchange platform is now preparing to introduce retail trading in South Korea, following regulatory approval granted in August 2022 under the Electronic Financial Transaction Act and as a Virtual Asset Service Provider (VASP).
Benefits for Dubai and Crypto.com
The partnership between Dubai and Crypto.com is expected to bring advantages to both sides, as the UAE aims to modernize its financial system using cryptocurrencies. The Virtual Asset Regulatory Authority (VARA), founded in March 2022, will be instrumental in creating a forward-thinking legal structure for Crypto.com’s operations.
The purpose of this framework is threefold: it aims to protect investors, establish global governance benchmarks, and advocate for a digitally borderless economy. By establishing its base in Dubai, Crypto.com is strategically situated to take advantage of the expanding market.
In contrast to the skepticism and apathy displayed by several nations regarding cryptocurrencies, the UAE stands out as a hotbed for technological advancements. Its people seem particularly open and receptive towards new inventions.
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2024-04-09 13:12