On April 9, 2024, cryptocurrency exchange Crypto.com announced that its Dubai operation has received approval from the local Virtual Assets Regulatory Authority (VARA). After receiving a license, the platform will be able to provide its services to institutional investors.
We're excited to announce our full operational approval from Dubai's Virtual Assets Regulatory Authority 🇦🇪
Crypto․com Exchange will be available for institutional investors as our first launch in the region 🙌 pic.twitter.com/6ZhHDdzPcT
— Crypto.com (@cryptocom) April 9, 2024
It is reported that this is the first time that an international crypto exchange has received permission to operate with digital assets and fiat currencies in the United Arab Emirates (UAE).
CRO DAX Middle East, the Dubai branch of Crypto.com, is known to provide access to spot trading and staking, as well as additional over-the-counter (OTC) offerings. In the future, the developers plan to launch the Crypto.com application and some other retail-oriented services.
Earlier it became known that Crypto.com will begin its activities in South Korea. In particular, on April 29, it plans to launch a platform for trading digital assets.
In addition, at the end of 2023, the crypto exchange received an electronic money issuer license from the UK Financial Conduct Authority. It is expected that the permission will allow the platform to expand the list of available products on the market.
Source: Cryptocurrency
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