Crypto.com Secures Full Operational Approval in Dubai, Pioneering Fiat Services for Institutional Investors

Crypto.com has achieved full operational approval from Dubai’s Virtual Assets Regulatory Authority (VARA) for its local entity, CRO DAX Middle East FZE. This milestone allows the firm to offer services to institutional investors in the United Arab Emirates (UAE) and marks a significant first for a global crypto operator to operate with fiat in the UAE. Other crypto entities, such as Deribit, M2, Rain, Nexo, Fasset, and OKX, have also received regulatory approvals in the UAE in recent months. Crypto.com plans to expand its offerings beyond institutional services to include additional products targeted at retail users. This approval follows Crypto.com's successful expansion into other markets, including Singapore, France, Brazil, and the U.K., despite challenges such as fines in the Netherlands and difficulties maintaining fiat on-ramps during banking crises. Eric Anziani, the president and chief operating officer of Crypto.com, emphasised the significance of launching institutional services in Dubai for the company's growth and success in the region.