Crypto.com expands its borders: license in the UAE
Date: 2024-04-10 Author: Henry Casey Categories: BUSINESS
Cryptocurrency exchange Crypto.com continues its global offensive by receiving permission to operate in the United Arab Emirates (UAE). Thanks to a license from the local Virtual Assets Regulatory Authority (VARA), the company can now provide its services to institutional investors in this country.
The first case of an international crypto exchange in the UAE
On April 29, 2024, Crypto.com announced that it had received permission to operate with digital assets and fiat currencies in the UAE. This is a significant event for Crypto.com as it is the first time that an international crypto exchange has received a license to operate in this country.
New opportunities for institutional investors
Crypto.com's Dubai division, known as CRO DAX Middle East, provides access to various services such as spot trading, staking and over-the-counter (OTC) offerings. However, with the VARA license, the company will be able to expand its capabilities and provide a wider range of services to institutional investors.
Future plans
Eric Anziani, COO of Crypto.com, noted that the launch of institutional services in the UAE will be key to the company's continued growth in this important market. The development in the UAE is expected to help Crypto.com strengthen its position in the region and attract new customers.
Other steps towards global expansion
In addition to the UAE, Crypto.com is actively promoting in other markets. At the end of 2023, the company received an electronic money issuer license from the UK Financial Conduct Authority, which will allow it to expand its business and offer new products to the market.
Crypto.com's moves in the UAE and other countries demonstrate the company's commitment to global leadership in cryptocurrency services. Obtaining a license in the UAE opens up new opportunities for institutional investors and confirms the growing influence of Crypto.com in the global cryptocurrency exchange market.
