Crypto.com granted approval to set up crypto business in Dubai
Crypto.com has received provisional approval from Dubai’s local regulator to set up its business operations in the UAE whilst it undertakes the process of applying for a full-scale license.
The in-principal approval allows Crypto.com to conduct a spectrum of virtual assets business under the initial regulatory phase of the Virtual Asset Regulatory Authority (VARA). This includes offering exchange products and services to pre-qualified investors and professional financial service providers under strict oversight and mandatory FATF compliance controls.
To get access to the retail market, Crypto.com, which claims over 10 million users worldwide, alongside all licensed VARA service providers, will be progressively monitored in stages.
Notably, the UAE was the first global economy to have set up a specialised regulator for the virtual asset sector. Announced by the ruler of Dubai, Sheikh Mohammed Bin Rashid, the emirate has enacted its first law governing cryptocurrency activities, and it has also formed an independent regulator to supervise the sector.
Helal Saeed Almarri, Director General of Dubai World Trade Centre Authority that houses VARA said: “VARA is committed to connecting service providers, technology enablers, and governments to help co-create the next generation ecosystem for the Virtual Assets industry and we are pleased to welcome Crypto.com into this growing community of top global VA sector players. As a licensed participant, Crypto.com will be one of the anchors partnering with VARA in the development of a global future focused regulatory framework”.
“We are excited to provide more of our products and services in a market of great importance to our business, and one that is equally committed to regulation and compliance. We look forward to working with regulators throughout the region to further expand Crypto.com’s offering and presence in the market,” added Kris Marszalek, Co-Founder and CEO of Crypto.com.
The move is the latest in a string of approvals secured by top crypto platforms as Dubai pushes to become the regional hub for the digital asset sector. In separate announcements earlier in May, FTX Europe, Bybit and Binance had received similar licenses to expand into the UAE.
In addition to receiving approval to conduct business with virtual assets, Crypto.com also plans to establish a regional office in Dubai, as part of its long-term commitment to the MENA region.
Crypto.com regularly ranks in the top five global exchanges by spot volume and claims its matching engine supports 2.7 million transactions per second with 50 microsecond core latency.