In a landmark decision, Crypto.com, a prominent global cryptocurrency exchange, has been granted a full operational license by Dubai’s Virtual Assets Regulatory Authority (VARA), marking a pivotal moment in the digital asset realm. This notable achievement propels Crypto.com as the first worldwide crypto exchange fully licensed to operate in the United Arab Emirates (UAE).
The UAE’s evolving role in the digital asset landscape is highlighted by this approval, as the country seeks to carve out a significant position in the global crypto market. For Crypto.com, this is more than just an expansion; it is a strategic move in an increasingly interconnected global financial sector. With over 50 million users globally, the platform is one of the fastest-growing in the industry, and this move is expected to further bolster its growth.
Crypto.com’s journey to securing this license involved a rigorous four-step process initiated by VARA. Beginning in 2022 with a provisional permit and preparatory licenses for a Minimal Viable Product (MVP), Crypto.com met all pre-operational requirements by November 2023. This thorough approach demonstrates the exchange’s commitment to regulatory compliance and operational excellence.
In addition to the UAE, Crypto.com has recently achieved regulatory milestones in other regions. In the United Kingdom, it received approval from the Financial Conduct Authority (FCA) to operate as an Electronic Money Institution (EMI). Furthermore, the platform is poised to launch retail trading services in South Korea following regulatory approvals under the Electronic Financial Transaction Act and as a Virtual Asset Service Provider (VASP).
Crypto.com’s expansion plans include launching additional products such as the Crypto.com App, targeting a broader range of consumers, including retail investors. The full VARA license is expected to open new avenues for the company, enhancing its ability to serve institutional and qualified investors with a diverse array of services.
This move into Dubai not only marks a significant step for Crypto.com but also underscores the UAE’s commitment to being at the forefront of the digital asset revolution. As Crypto.com integrates further into the UAE’s financial sector, it’s clear that this collaboration is set to be mutually beneficial, driving innovation and growth in the evolving world of cryptocurrencies.
