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Crypto.com’s Dubai subsidiary CRO DAX Middle East FZE has earned full operational approval from the Dubai Virtual Assets Regulatory Authority (VARA). The approval allows Crypto.com to introduce its exchange for institutional and qualified retail investors. The services expected include spot trading, over-the-counter (OTC) offerings around settlements for specific markets, and staking brokerage.

Crypto.com’s president and chief operating officer commented:

But this is still just the beginning, and we look forward to continuing to work closely with VARA in our collective efforts to effectively and responsibly advance the sector.

The operational approval also allows Crypto.com to initiate in-market product launches, with the exchange expecting them in the coming months. Some of the planned product launches include the Crypto.com App and retail-user-oriented products. 

VARA’s greenlight comes after Crypto.com fulfilled its pre-operational conditions per the conditions set in the virtual asset service provider licence granted to its Dubai entity. CRO DAX Middle East FZE licence was granted in November 2023. Crypto.com says the final licence approval will be crucial to the company’s continued success and growth in a key market.

Crypto.com’s operational licence comes when Dubai seeks to become a haven of crypto innovation. The Dubai World Trade Center (DWTC) has positioned itself as a crypto zone, having dedicated a region for virtual assets developments, including digital assets, exchanges, products, and operators.

Several entities, including crypto exchange OKX, have received their initial regulatory licences to operate in the region. Last year, the Middle East-focused crypto exchange BitOasis obtained the first broker-dealer minimum viable product (MVP) operational licence from the Dubai regulator. This has seen VARA become a crucial entity in regulating and enhancing the growth of the digital asset sector as the region seeks a global crypto hub status.

Commenting after the award of the final licence, Crypto.com’s General Manager, Middle East and Africa, said the exchange fully supports the steps Dubai is taking in the crypto industry. The company also looks forward to working with VARA to “effectively and responsively advance the sector.”

Crypto.com is home to over 80 million customers globally. The exchange lauded the licence approval as its first operational milestone, even as the company became the first global crypto operator to be operational with fiat in the United Arab Emirates.

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