Crypto.com, through its Dubai-based entity CRO DAX Middle East FZE, has just received final approval from the Dubai Virtual Assets Regulatory Authority (VARA) to operate with fiat currency in the UAE.
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This makes the cryptocurrency platform the first to receive such approval in the country.
In a statement released yesterday, it was announced that VARA has granted operational approval to Crypto.com after the company successfully met the pre-operational conditions outlined in the virtual asset service provider license it received in November 2023.
Crypto.com's next step is to launch its institutional platform, which will cater to institutional clients and qualified retail investors. This will include services such as spot trading, staking brokerage and over-the-counter (OTC) offerings for selected markets.