Crypto.com Obtains Full Dubai Operational License

Singapore’s digital asset exchange, Crypto.com, announced on Tuesday that it has obtained complete authorization to run its business from Dubai’s Virtual Assets Regulatory Authority (VARA), allowing the company to operate fully in the region.

In recent months, derivatives exchange Deribit, digital asset firms M2, Rain, Nexo, Fasset, and OKX have obtained regulatory approvals from different regulatory bodies in the UAE.

A global crypto operator, Crypto.com, announced that obtaining a complete license from VARA is a first, allowing them to conduct business with fiat currency in the UAE.

The company additionally mentioned intentions for introducing more items targeted at retail consumers.

Over the past 12 months, Crypto.com experienced a rollercoaster journey – from gaining approvals to enter markets in Singapore, France, Brazil, and the UK, to encountering fines in the Netherlands, implementing workforce reductions, and struggling to keep fiat on-ramps functioning during last year’s banking turmoil.

“Eric Anziani, president and COO of Crypto.com, stated that introducing our top-tier institutional services on our Crypto.com Exchange is crucial for our ongoing expansion and prosperity in this significant market for our business.”