Crypto.com's Dubai Arm Secures Operational Approval
Crypto.com's Dubai arm, CRO DAX Middle East, has received full operational approval from the Virtual Assets Regulatory Authority (VARA) in Dubai. This achievement allows the entity to provide services tailored to institutional investors, marking a significant milestone in the global crypto exchange landscape.
Institutional Focus for Dubai-Based Crypto Exchange
This development follows Crypto.com's compliance with VARA's pre-operational requirements in November 2023. Notably, it's the first instance of a global crypto exchange being authorised to operate with fiat currency within the United Arab Emirates.
Expanding Services
CRO DAX Middle East will facilitate spot trading activities, brokerage services for staking, and additional over-the-counter (OTC) offerings within designated markets. Crypto.com also plans to launch the Crypto.com App and other retail-focused products in the region.
Strategic Market Entry
Crypto.com's full license marks the culmination of VARA's rigorous four-stage process. This includes provisional permits, preparatory licenses for minimal viable products (MVPs), and finally, full market product (FMP) licenses. This approval enables Crypto.com to concentrate on serving institutional and qualified investors, reinforcing its commitment to growth in the region.
UAE's Crypto-Friendly Environment
The UAE has emerged as a crypto-friendly jurisdiction due to its evolving regulatory framework and business-friendly environment. Dubai's regulatory structure implemented in 2022 aims to position the Emirate as a global crypto hub, providing transparency and security for digital asset issuers and service providers.
Attracting Crypto Businesses
The UAE's low-tax environment and favourable regulations have attracted numerous crypto businesses to the region, seeking refuge from stricter regulatory stances elsewhere, notably in the US.
Upcoming Industry Gathering
Dubai will host a gathering of industry experts later this month to foster collaboration between decentralized projects and centralized exchanges. This initiative aims to drive consensus and cooperation within the web3 ecosystem.
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