Crypto.com Gains Approval to Operate with Fiat Currency in UAE, Plans to Serve Institutional Investors
Summary:
Crypto.com's Dubai-based entity, CRO DAX Middle East FZE, has been granted permission to operate with fiat currency in the UAE, making it the first crypto exchange to receive such approval by Dubai’s Virtual Assets Regulatory Authority (VARA). Following successful compliance with pre-operational conditions, Crypto.com plans to launch its exchange for institutional investors, providing services like spot trading, staking brokerage, and over-the-counter offerings in selected markets. The company, which was originally founded in Hong Kong and now operates out of Singapore, continues to expand globally despite regulatory scrutiny in some regions.
CRO DAX Middle East FZE, a Dubai-based division of Crypto.com, has been granted full functioning certification from the Virtual Assets Regulatory Authority (VARA) in Dubai. This makes the entity the first cryptocurrency exchange to receive permission to function with traditional money within the United Arab Emirates (UAE). The approval, announced on April 9, came following the successful meeting of pre-operational requirements set by Virtual Asset Service Provider License that was awarded to CRO DAX Middle East FZE in November 2023. Crypto.com intends to roll out its exchange next, catering to institutional investors. The goal is to provide services like spot trading, brokerage staking, and over-the-counter (OTC) trading options to institutional and approved retail investors for different markets. Eric Anziani, President and COO of Crypto.com, sees this as a significant milestone and points out their company's dedication to closely collaborating with authorities for the responsible advancement of the industry. Echoing this, Stuart Isted, General Manager of the Middle East and Africa branch of Crypto.com, pledged the company’s continued cooperation with VARA in steering the crypto industry forward responsibly. Though originally established in Hong Kong in 2016, Crypto.com currently operates out of Singapore, and has been broadening its global footprint over the past year. Anziani discussed with Cointelegraph in February, the possible accelerating effect of Europe’s upcoming Markets in Crypto-Assets (MiCA) regulation on major cryptocurrency exchange expansion plans in Europe, set to be implemented this year. In February, it was also announced that Crypto.com and Latin America’s foremost investment bank were collaborating to enhance BTG Pactual’s BTG Dol stablecoin by pairing it with digital currencies such as Bitcoin (BTC) and Ether (ETH) on its trading platform. On the 2nd of April, they revealed their plan to roll out a cryptocurrency trading app accessible to South Korean retail investors from the 29th of April. Notwithstanding a recent fine from the Dutch central bank over registration violations, after which the exchange lodged an appeal, Crypto.com is now registered and continues operational activity in the Netherlands.
Published At
4/9/2024 1:17:20 PM
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